Does anyone have any experience of getting (true) HDR from raw photo image files?

With libraw I can get 16-bit output in a proper color space, but how do I scale it? Assuming 0-1 range I get images that are too dark, as I target 100 nits with 1.0 value.

Dividing by imgdata.color.maximum makes a variety of sample photos look good, but it also feels sketchy as fuck.

(All the "HDR + RAW" search results are about making the fake HDR-but-SDR out of many combined exposures.)

ACR 15 adds High Dynamic Range Output - Greg Benz Photography

Adobe Camera RAW (ACR) v15 just added one of the most exciting features since the creation of RAW processing itself: High Dynamic Range Output ("HDR" or "HDRO"). This name might be confusing because we've used the term "HDR" for years, but now that same name is being used for a completely different display technology. This

Greg Benz Photography - Luminosity Masking, HDR, Photoshop Tutorials, and cityscape and landscape photography
@ngz0 That's basically what I'm seeing in my viewer.

@ngz0 The worst thing about HDR is that I can't show what it really looks like. So here's an approximation.

SDR on the left, HDR on the right. But you have to imagine that the building lights in the HDR image are as bright and contrasty as you would see in reality, not in a photo on a monitor.