Post Update 32 buffs to the Magicka Dragonknight class has seen it skyrocket to being one of the most desirable damage dealers to have in raids and other PvE content at various levels including world record scorepushes.
Recommended race for this build is Altmer or Dunmer. Khajiit seems to be a little bit lower on the dummy, but can still be good in raid, especially in places like Sunspire where the Critical Damage passive of the Khajiit makes up for Backstabber being useless.
Recommended Mundus Stone is The Thief.
Recommended potions for this build will be Essence of Heroism. Heroism potions will give you the most Ultimate casts possible while normal Spell Power potions will typically lose you a bit of damage however they are cheaper and what you'll run anyway if you have to drop Inner Light.
Recommended food for this build is Ghastly Eye Bowl or any bi-stat food (Health + Magicka) for content that requires you to do so. You can also do Clockwork Citrus Filet or Witchmother's Potent Brew if need be.
Burning Spellweave (backbar, Infused)
Sul-Xan's Torment (frontbar, Precise)
Maelstom Inferno (backbar)