It might sound odd, but both the Geshelli and the Raven have a similar parts cost to retail price structure. Solid-state isn’t really that expensive if you buy the parts in hundreds to thousands quantities. And the expensive, heavy case with the 1/4" front panel adds nothing to the sonics ... that’s 100% marketing.
Tube circuits, though, get expensive very fast. Top of the line transformers are NOT cheap. Precision regulated 300 to 450 volt supplies aren’t cheap either. Tubes, by themselves, are kind of mid-price, but again, the top-of-the-line models aren’t cheap either. Vacuum tubes have always been handmade, even in their heyday in the late Fifties. Same for transformers.
None of this should be surprising. The majority of the solid-state market use parts that are made in quantities of hundreds of thousands to millions. This drives down costs. By contrast, the tube sector uses parts that are made in quantities of hundreds to a few thousand, several orders of magnitude smaller than the solid-state sector.