Discrete R2r With Tube Output

+1 for Audio Mirror Tubadour IV, however, it does use an Analog Devices chip. I have one and it sounds excellent and I like the appearance and the way it works.

Audio Mirror Toubadour IV made in the USA by Vladimer. Stunning tubed DAC that will thrill you with a smooth but detailed sound that is so rich and full, you'll wonder how he does it for $3500.

I have heard a lot of dacs the T+A200 dac- preamp  is by far the dac that sounds super natural yes retail over $7k but can get discounts  stays with Danny dac even at 2 x the price it’s that good . Read a few reviews then get a demo  you won’t miss 

the tube sound with this and still get added detail especially low level detail 

lost in most dacs  we compared with $$ chord Dave, mola mola 

and the Dave had the best detail by a fraction but too neutral 

mola mola was very good but the. T+A was exceptional and has a excellent true analog preamplifier using precision resistor ladder then gold plated relays 

and the entire unit is galvanically isolated.

I own the Aqua LaScala that @audiotroy mentioned. It is an outstanding DAC, and while expensive, the modular design insures that any repairs or future upgrades should be cost-effective.

I was just at the hifi show and that LTA aero was in a couple rooms, sounded really good, very smooth and analog.. and it looks really cool

Lampizator 

@glennewdick 
I just got that LTA Aero Dac and its incredible. Excellent resistor chip and there's no beating a David Berning tube stage of power supply.

The Wells Audio Cypher Dac is fantastic and uses the latest Sabre pro dac chips.

good luck on your search.

I have the Lab 12 DAC 1 Ref.   It really sounds good.  Something that should be auditioned or have an easy return policy.   I listened to a few DACs below , at , and above its price.   Loved its sound and can live without DSD and fixed output. Which I prefer on a source anyway. Not for everyone but a really nice sounding DAC. 
 

Maybe DSD is why he wants a FPGA type DAC….

the aqua hifi lascala would do it

https://6moons.com/audioreviews2/aqua/2.html

pure r2rdesign

plays high resolution files

incredible analog stage

modular and upgradable

Dave and Troy

audio Intellect NJ

aqua hifi dealer

LTA has a new one out getting good reviews.  $3,950.00

Aero - Digital-to-Analog Converter (DAC) by Linear Tube Audio

on another note why do you think chip based R2R's are inferior? to me they are more accurate as the resistors on the chip are better matched, wont drift out of spec as fast and do the same thing as a string of outboard resistors. chip based R2R's are not digital in anyway just a bunch of resistors on a chip apposed to laid out separately. well that's my understanding of them from my research.