berauschend
exhilarating
Something that is very exciting, captivating, or thrilling and triggers strong positive emotions.
Der Sieg der Heimmannschaft war ein berauschendes Erlebnis.
The home team's victory was an exhilarating experience.

exhilarating / intoxicating
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exhilarating
Something that is very exciting, captivating, or thrilling and triggers strong positive emotions.
Der Sieg der Heimmannschaft war ein berauschendes Erlebnis.
The home team's victory was an exhilarating experience.

The adjective 'berauschend' (exhilarating / intoxicating) comes from the verb 'berauschen' (to intoxicate) and the noun 'der Rausch' (intoxication/high). A 'Rausch' is a state reached through alcohol or drugs. This origin explains both meanings: the literal one (a substance that causes intoxication) and the figurative one (an experience that is as exciting as a high).
Die Fans feierten den berauschenden Sieg ihrer Mannschaft bis in die Nacht.
The fans celebrated their team's exhilarating victory late into the night.
You can tell whether the literal or figurative meaning is intended from the noun. If 'berauschend' (intoxicating) appears with substances such as 'Mittel' (substances) or 'Getränke' (drinks), it is about an intoxicating effect. If it appears with experiences such as 'Fest' (party), 'Erfolg' (success), or 'Gefühl' (feeling), it means 'begeisternd' (thrilling/exhilarating).
Er wurde wegen des Fahrens unter dem Einfluss berauschender Mittel angeklagt.
He was charged with driving under the influence of intoxicating substances.
In the meaning 'begeisternd' (thrilling/exhilarating), 'berauschend' (exhilarating) is often combined with positive events and feelings. Typical collocations are 'ein berauschendes Fest' (an exhilarating party), 'ein berauschender Erfolg' (a resounding success), or 'ein berauschendes Gefühl' (an exhilarating feeling).
Nach Monaten harter Arbeit war der Erfolg ein berauschendes Gefühl für das ganze Team.
After months of hard work, the success was an exhilarating feeling for the whole team.
exciting
'aufregend' and 'berauschend' both describe something that triggers strong feelings and sweeps you along. 'aufregend' is broader: it can mean joy, curiosity, or also nervousness. An exam, a trip, or a new job can be 'aufregend'. 'berauschend' sounds stronger and is almost always very positive. It fits better with a great concert, a major success, or a special experience where you feel truly thrilled. If something is only exciting or makes you nervous, 'aufregend' is more natural.

Nach dem Sieg feierte das Team einen berauschenden Abend.
After the victory, the team celebrated an exhilarating evening.
Der erste Arbeitstag war für Anna aufregend, weil alles neu war.
Anna's first day at work was exciting because everything was new.