I think it means he is not looking at you as a technical co-founder. He's looking at you as an early hire. From his point of view, he has the expertise, the money, the assets, etc... you are just a resource.
I think that this is correct. Looking beyond money, this also means that he won't view you as an equal partner when it comes to strategic decisions either.
He is the boss, and you are the employee with some stock.
I would only take the job if that is what you're looking for, and if you don't mind leaving with the title 'Lead Developer' rather than 'Co-Founder'.
this. he should be looking at you as a hire, not a co-founder. he put in $1mil+. what are you going to put in? nothing but experience? then there shouldn't be an expectation of anything close to equality.
the corollary is that if he's happily taking on the risk, has funds to pump in and sees you as his best choice of first employee and tech lead then he might be more willing to negotiate salary (especially if you were being paid more at your last job) than equity.
I would only take the job if that is what you're looking for, and if you don't mind leaving with the title 'Lead Developer' rather than 'Co-Founder'.