There are 3 things happening here at the same time:
- Pitch comes down an octave
- Filter cutoff frequency drops down (the filter has some resonance)
- Distortion at the end
The pitch can be modulated by a sawtooth LFO in ENV mode, with the contour set to start flat and slowly steepen the downward slope.
The drop of the filter seems slower, and not so accented - from the low-mid area to the low. Another LFO in ENV mode can be used for this, or the filter envelope.
The distortion sounds like the wave shaper or one of the folds. Use the mix, drive, treble boost, and hi cut controls to let enough high end without killing the bass. I would even suggest to use the modulator of the pith or the filter to control the distortion mix as well so that there is less distortion as time progresses, thus revealing more bass.
A stereo widener and/or air chorus will add the sensation that you are engulfed by the sound.
Hope this helps.