Object Mask Tracking Stuck at Initializing

Hi everyone,

I just started using the Premiere Pro beta to test out the new object tracking feature. No matter how long I wait, it gets stuck at "Initializing" and just keeps spinning.

I've confirmed with multiple other users that they are seeing the same issues. 

My setup: Windows 11, Premiere Pro beta 26.0, GPU 5080, CPU Ryzen 9800X3d. The footage is from an iPhone 17.

Things I've already tried: clearing the media cache, converting the file to ProRes, and nesting the clip before tracking. Nothing seems to work. Does anyone have any ideas?