The decision (6-1) is at Coral Construction, Inc. v. City and County of San Francisco; the court agrees with Coalition for Economic Equity v. Wilson, 122 F.3d 692 (9th Cir. 1997), and Coalition to Defend Affirmative Action v. Granholm, 473 F.3d 237 (6th Cir. 2006), which likewise upheld the California initiative and a similar Michigan initiative. Because there’s no disagreement among federal circuit courts and state supreme courts, I expect the U.S. Supreme Court will not hear the case.
Thanks to How Appealing for the pointer. Disclosure: I helped draft the initiative, back in the mid-1990s.