Here's a description of the closest guess Elon has seen so far. https://twitter.com/John_Gardi/status/356798172842049536
Neat idea but I just don't see how it's cheaper than a high speed rail project?
That said, if we take Musk at something close to face value, it has a major advantage that the HSR doesn't: it would be faster than the air route. That would give it at least a fighting chance to draw extremely high ridership and make up for high costs with high revenue.
And if the idea is basically sound, but the implementation is impractical on the SF-LA corridor, then it could be put into use in some other intercity connection with more favorable terrain and lower land costs.