The unitary dynamics of a quantum system initialized in a selected basis state yield, generically, a state that is a superposition of all the basis states. This process, associated with the quantum information scrambling and intimately tied to the resource theory of coherence, may be viewed as a gradual delocalization of the system's state in the Hilbert space. This work analyzes the Hilbert space delocalization under the dynamics of random quantum circuits, which serve as a minimal model of the chaotic dynamics of quantum many-body systems. We employ analytical methods based on the replica trick and Weingarten calculus to investigate the time evolution of the participation entropies which quantify the Hilbert space delocalization. We demonstrate that the participation entropies approach, up to a fixed accuracy, their long-time saturation value in times that scale logarithmically with the system size. Exact numerical simulations and tensor network techniques corroborate our findings.