I was wondering about that too. My best guess is that they put the heavy geometry items in an acceleration data structure and then ray trace / cone trace these in a first pass to get the points where the camera rays intersect the geometry. Then generate triangles on the fly from these points in every frame. This would be quite similar in flavor to GigaVoxels [1] or the (IMO unjustly much hated) "Unlimited Detail" engine [2], except that instead of shading / visualising the intersections directly they just use it to generate triangles as another input to their overall pipeline.
If you look at the video closely all the heavy geometry items are static, i.e. they don't deform. This matches with a classic limitation of ray tracing as deformations invalidate the acceleration data structures used for making ray tracing efficient.
[1] http://gigavoxels.inrialpes.fr/ [2] https://www.youtube.com/watch?v=gM6QkPsA2ds