I say power-amp. A speaker is a far more complex load to drive than a fixed resistance (which is what a preamp drives). Power output could be a big concern with power amps depending on your speakers and environment. Power output is never a concern with preamps, though gain might be.
The poweramp is typically going to be a bigger safety concern for your speakers than the preamp. I like transformer-coupled tube amps for this reason (no DC offset, usually softer clipping), though good iron can be expensive - another reason to put more into the power amp IMO. Pairing up a SS pre with tube power, I feel better about the risks involved to my not-inexpensive speakers.
Sure, there can be sonic differences between preamps, but I've heard relatively low-cost solid state preamps that are so neutral and non-damaging to the sound, that for my needs I came to the conclusion: why bother with more?
Current main setup here has 68% of total cost sunk in the speakers, 9% in power amp (though I do have a couple of nice additional amps), 22% in turntable & cart, and 1.5% in the preamp

I'd say that breakdown matches up quite nicely with the difficulty I experienced finding components of each type that satisfied my sonic preferences. The speakers should be a HUGE concern. The next thing I'd consider investing more in is the cartridge.