Same problem here, didn’t have the starter content or templates with the latest update of the engine, so I added it.
Created a new blank VR project (with all the defaults set, except for ‘use starter content’ with is default at 'no starter content.
And now it’s sitting at 39%. Last entry in the log file is (…\MyVRProject\Saved\Logs\MyVRProject.log) :
"[2020.08.22-23.02.03:184] 0]LogMaterial: Display: Missing cached shader map for material DefaultDeferredDecalMaterial, compiling. "
Look at with TaskManager I see ShaderCompilerWorker.exe and Unreal Editor - MyVRProject alternating between each other in regard to CPU usage and memory usage…
Also see the "C:\Users<UserName>\AppData\Local\Temp\UnrealXGEWorkingDir" having a folder which has a lot of xge files and the datetime of the folder itselfs keeps being updated, but don’t see any changes to the Modified date of the files inside the folder itself.
So I guess it’s compiling some shaders, but seeing this is a very common problem, I would suggest Epic is adding some sort of extra progress text (which keeps changing while doing it) on the loading screen with what it’s actually doing during the 39%, so people don’t start to close the process and try to find other ways of fixing it.
(I’m using a RTX2060Super).