"final" is a string literal and as such is a compile-time constant expression. The value of a static final variable initialized with a compile-time constant expression is directly hardcoded into the class which references it, and no reference is made to the originating class. Therefore the initialization of the originating class does not occur.
As a side point, please note the distinction between class loading and class initialization: only the latter’s occurrence is precisely specified by the JLS. Class loading can happen at any time.