Beautiful!!!
But as always beauty doesn't come cheap. $5500 kit and $6200 assembled...
Ha Ha, yes it isn't 'cheap' I guess. It is what is under the hood that drives that price. It is not far away from the Audio Note UK DAC 5 Special I reckon, which retails at 30K US. I heard the DAC 5 at a show and it was super detailed yet super smooth, as in walk into the sound. It was playing loud with some AN/Es, and that room was really great, the best at the show IMO.
I can't afford 30K obviously, so I bought the DAC 4.1 Kit and put it together myself. That retails at 3300 US I think I paid. It is all in the design of the boards, and the parts count, Elna Silmics, Rubycon Caps and in mine, I used V-Caps for the line board. Tantalum resistors are the best sonically, they are everywhere, it all increases the cost. The thing is with ANkits, they sell direct, no dealer mark-up of 50%. I actually added up the parts costs including the output transformers and there is a ton of metal in the thing. It is also BIG and weights over 20 kilos.
I am not sure how long they have been offering 'Factory Assembled', but it covers those who don't fancy soldering stuff.
I can speak for the DAC 4.1 I have, it is amazing, really natural and wide soundstage. I have tweaked it up over the last year, bit by bit. A kit allows you to do that. I recently fitted the 496 I/Vs that are in the Audio Note UK DAC 5 Special, it took it up a big notch, more than I was expecting. The I/Vs retail at 2K US but I four a guy selling some half price second hand.
Here is the insides of the Audio Note DAC 5 Special (30K). You can the arrangement with the digital board, the I/V transformers and then the 5687 line stage and the C-Core output transformers.
Note these DACs have NO filtering or digital processing, any filtering is done in the transformers. It results in a super smooth, fast and detailed sound with no edge or harshness. Plus you get the beautiful tube midrange and punchy bass.