I didn't notice if this C&D article from 2019 was mentioned yet on this thread (it pretty much sums up what you need to know, no need for 4 pages lol) The 3.5 HO gains like 20whp bone stock running 93 octane over 87. Since Ford doesn't "require" 93 octane for the Raptor (although I believe they hint it offers better performance?) - one could assume that the 450bhp rating is based on running 87 octane (otherwise it'd be false advertising) - using the C&D dyno figures as simply a measuring stick & factoring 20% parasitic loss its accurate to figure a bone stock Raptor running 93 octane is really like 475hp/520 TQ @ the crank, and forget about simply HP #'s on the dyno - LOOK AT THE DROP on those performance figures!!!! Lops .6 off the 0-60, 1.8 seconds quicker to 100mph & 1/2 a second quicker through the 1/4 mile - I shouldn't have to extrapolate much, but HOLY HELL are those extremely significant improvements you will absolutely feel in the SOTP.
Like another poster i am also running a Gearhead auto octane adjust tune w/ the tow file - I exclusively run top tier 93 octane, I haven't dynoed it since & haven't taken it down the drag strip - but just seeing what 93 octane does to the performance figures on a bone stock F150 limited w/ the same engine, & having a lot of experience w/ fast vehicles (have a built C5Z06 was @ 660whp will be 750-800whp soon lol) I can only guess my Raptor is at least 100hp over the stock rating @ the crank - I don't think the truck needs anything else to achieve this either, CAI/downpipes/turbo adapters/exhaust/TB etc - incremental gains. The huge chunks in power w/ this thing probably come first from a quality 93 octane tune, then from bigger turbos, & if you want another big "chunk" of HP probably bore out the engine to a 4.0 or whatever. As cool as the TRX seems to be (and for sure that thing will be a blast on the street) & as much as I love HP as the next guy (clearly) I REALLY don't think the Raptor "needs" anything more than a tune, period, its amazing how hard it pulls w/ just a tune, 550hp/600tq @ crank w/ a 10 speed tranny, 4.10s & AWD transfer case.....well, as I've mentioned this engine is the primary reason I'm in a Ford & not a GM/Ram - love the immediate potential!!
Lastly - BMW LOVES underrating their vehicles!!!