Goldmund Telos Headphone Amplifier/DAC

This is the most recent version with the gain adjustment and binaural listening.  It has very few hours.

An Astounding headphone amp dac.  Our reference under $30k

The Headphone Guru Review Begins, "Goldmund Telos Amplier/DAC Swiss Made Masterpiece" and ends with "The Telos by Goldmund is a magnificent product designed to be an all in one solution for headphone listeners only, designed specifically for use in desktop systems. While the price comes in at a hefty $10,400 — not inexpensive, but it also includes a world class DAC that I feel easily competes with standalone DAC’s costing $6000 or more. The Telos is a stellar performer designed by a legendary company that is committed to producing the best products without compromise and is among the finest I have heard in my listening room. The Telos just makes music, with a sound signature that is musically accurate, while the amplifier drove any headphone I used without any difficulty. The convenience of a one box solution that sounds this good is quite tempting, and for headphone lovers who want a one box solution for headphone usage would easily be satisfied with the performance that the Telos offers. Top shelf build quality and sound to die for make the Telos a strong recommendation for any enthusiast looking for world-class performance. If you can afford the price of admission this may be exactly what you’re looking for to end the upgrade merry-go-round. The Telos is stellar and performance is reference quality and one I will sadly miss."

A new review from Headfonia ends with, " If you have a perfectly clean power system, Telos could be the damned finest-sounding amp/DAC combo you’ll hear.." - Nathan

The Goldmund HDA Telos Headphone Amplifier as described by 6Moons, 

"Goldmund's HDA exceeded said hardware by a demonstrable margin andcombined the performance of costlier separates in a single box, it franklydemanded a formal award even if it remains out of reach to most. Being this guilty of excellence also destroys one's innocence of thinking less is good enough. But that's not Goldmund's fault. That just taps into our never-ending quest for better. In August 2014, the HDA to this writer represented best of breed..."

From Caleb Yorke at Stereo.NET

"With extreme performance at the core of the THA2 Telos Headphone Amplifier, it boasts DSD over PCM capabilities, new binaural features, and customisation possibilities; the THA2 will undoubtedly remain the reference in terms of headphone amplification for a very long time."

So the reviewers agree.  For reference headfi in a single chassis, really this is the best stop available.

There is nothing demonstrably close in an all-in-one unit for the headfier.  The DAC in the Goldmund THA competes at a level with our reference dacs in the $3-5k arena...unheard of in an all in one unit.  It is a marvel as is the headphone section.  The headphone section is the definition of 'robust'.  It will also drive any of the tougher to drive reference phones with aplomb.  We find that many users who possess the top tier cans, have never heard them properly driven. (you don't know what you haven't heard.) The Goldmund dismisses these concerns.  Upon the first listen, all doubt is removed.