It's up to the compiler, and depends on type and scope, and possibly other things. That's the best answer you can get.
If it's a basic type, like an integer or something, the compiler may decide not to reserve space for it at all, and instead simply cut and paste the literal value everywhere you use the variable.
If the const variable it's used as a parameter to a function, it will probably be in a register or on the stack.
If it's stored in memory and not a function parameter, it may be in the data section of "ROM", and whether or not it's declared global or static may change the location as well.
To actually see where it is on a given compilation, simply print out the address of your const variable (or use a debugger), and compare it with the addresses of other non-const variables.