^a or ^b means literally "^a or ^b".
The colon : means "has" or "contained in", depending on how you look at it.
So the whole expression (^a or ^b) : (static member op_Implicit : ^a -> ^b) means "static member named "op_Implicit" that has type ^a -> ^b and is defined on either type ^a or type ^b". This whole expression ultimately evaluates to a function of type ^a -> ^b.
Then, the x placed to the right of that expression means "function application", just like in the usual F# syntax.
So the whole thing taken together would mean "on type ^a or type ^b, find a static member named "op_Implicit" that has type ^a -> ^b, and apply that member to argument x".
For a bit more discussion of statically resolved constraints, see this answer or this MSDN article.