Via SpaceX reddit:
Failure cause
Preliminary conclusion is that a COPV (helium container) strut in the CRS-7 second stage failed at 3.2Gs.
We analysed a lot of data, took 0.893 seconds before first sign of trouble and end of data. Preliminary failure arose from a strut in the second stage liquid oxygen tanks that was holding down one composite helium bottle used to pressurize the stage. High pressure helium bottles are pressurized at 5500 psi, stored inside in LOX tank. At ~3.2 g, one of those struts snapped and broke free inside the tank. Released lots of He into LOX tank. buoyancy increases in accordance w/ G-load. Data shows a drop in the helium pressure, then a rise in the helium pressure system. Quite confusing. As helium bottle broke free and pinched off manifold, restored the pressure but released enough helium to cause the tank to fail. it was a really odd failure mode. Investigation still 'speculative' at this point.
The investigation is not showing any other issues. But looking at everything to see if there were any near misses. no sign of any other issues with the launch, looking still for any misses. May have become complacent over last few years. Musk stressed that this is an initial assessment, the only thing that makes sense at this point. Continuing to investigate.
Fixing the problem
Strut about 2 feet long, an inch at its thickest point. Strut failed at 1/5th rated force, no evidence of damage to it in close-out photos before launch. Will not use these particular struts and will no longer trust strut certify. Dont think we need to add more struts. Will test the future struts individually. Some additional cost as a result, but wont be passed along in the price. Strut issue is fairly straightforward, switching to something with higher level of performance. part that failed was from a supplier, not made in house. did not name the supplier, was relying on certification from the supplier. Not going to move strut work in-house, but will move to a different design likely from a different supplier. There are 100s of suppliers of minor components for us. We can't make everything.
Strut failed at 5x below its rated strength. This strut was designed to handle 10,000 lbs of load, failed at 2,000 lbs. A failure at the bolt head most likely. Able to replicate by taking 1000s of these struts and testing; a few failed well below rated level. found a few that did not meet specifications. But this is early.
Return to flight
Musk wont give a precise return to flight date until gone over all data. Could be back flying in a few months. He wasn't very specific. Move to strong strut alone means 'a few months' delay. But we'll look harder, get customer (NASA/USAF/FAA) input. Musk non-committal on when F9 will return to flight. First double-check other areas, then get customer input, then decide. No sooner than September for next F9 launch, not clear who customer would be. Could be some changes in manifest. This will not affect commercial crew timeline; this is not on the critical path.
TL;DR:
A Strut holding the helium container snapped at 5x below its rated strength. Helium released caused overpressure in oxygen tank. Will switch to different strut supplier and test each strut individually.