Raw is just that, raw and has no defined color space (some could suggest it’s just grayscale data). Here’s about the closest view of what raw data looks like I can easily share:
When you capture a JPEG, the raw is converted in the camera to the color space you set but this has no bearing on the raw data itself. If you ask for raw, what you set for color space (anything but exposure and ISO) isn’t affected.
Here is a PNG image of a flower in sRGB. It consists of three monochrome images in different channels as shown at the top of the frame. Each channel encodes a color and the formula to display the image is shown at the bottom of the frame.
The image also exists as a raw file. It has only one layer, but the colors are coded in a mosaic format in only one layer. The image can be de-mosaiced via ACR and the encoding of the color information is shown in the 3x3 matrix. The white point is encoded as metadata. What do you think about the similarities?
Regards,
Bill