diff --git a/src/features/settings/__tests__/settingsWindowOpen.test.ts b/src/features/settings/__tests__/settingsWindowOpen.test.ts
index f1ed12a2e..64b5ced29 100644
--- a/src/features/settings/__tests__/settingsWindowOpen.test.ts
+++ b/src/features/settings/__tests__/settingsWindowOpen.test.ts
@@ -38,7 +38,10 @@ describe("the native Settings window", () => {
   it("opens even when a page fails to register, and logs why", async () => {
     vi.spyOn(console, "error").mockImplementation(() => {});
     const dispose = activateSettingsWindow("main");
+    expect(useSettingsDialog.getState().open).toBe(true);
+    expect(useSettingsDialog.getState().pagesLoading).toBe(true);
     await vi.waitFor(() => expect(useSettingsDialog.getState().open).toBe(true));
+    await vi.waitFor(() => expect(useSettingsDialog.getState().pagesLoading).toBe(false));
     expect(logFrontend).toHaveBeenCalledWith(
       "error",
       expect.stringContaining("cannot register settings pages: Error: page failed"),
diff --git a/src/features/settings/dialog/SettingsDialog.module.css b/src/features/settings/dialog/SettingsDialog.module.css
index d7bad0428..f457b4a8d 100644
--- a/src/features/settings/dialog/SettingsDialog.module.css
+++ b/src/features/settings/dialog/SettingsDialog.module.css
@@ -63,6 +63,15 @@
   flex-direction: column;
   min-height: 0;
 }
+.loading {
+  flex: 1;
+  display: flex;
+  align-items: center;
+  justify-content: center;
+  min-height: 0;
+  color: var(--fg-subtle);
+  font-size: var(--fs-small);
+}
 .pageHeader {
   flex: none;
   display: flex;
diff --git a/src/features/settings/dialog/SettingsDialog.tsx b/src/features/settings/dialog/SettingsDialog.tsx
index 9d6bbf74d..0ae1ab284 100644
--- a/src/features/settings/dialog/SettingsDialog.tsx
+++ b/src/features/settings/dialog/SettingsDialog.tsx
@@ -17,6 +17,7 @@ import {
   Icon,
   IconButton,
   SearchField,
+  Spinner,
   Tree,
   type DialogButton,
   type TreeHandle,
@@ -220,7 +221,7 @@ function SettingsDialogInner() {
 /** Page tree + current page; reads the shared settings staging store. */
 export function SettingsLayout() {
   const pages = useSettingsPages((s) => s.pages);
-  const { pageId, query, staged, stagedSecrets, stagedExternal, saving } = useSettingsDialog();
+  const { pageId, query, staged, stagedSecrets, stagedExternal, saving, pagesLoading } = useSettingsDialog();
   const treeRef = useRef<TreeHandle>(null);
 
   const tree = useMemo(() => buildPageTree(pages.values()), [pages]);
@@ -265,6 +266,16 @@ export function SettingsLayout() {
     }
   };
 
+  if (pagesLoading) {
+    return (
+      <div className={styles.layout}>
+        <div className={styles.loading}>
+          <Spinner size={16} /> <T>Loading…</T>
+        </div>
+      </div>
+    );
+  }
+
   return (
     <div className={styles.layout}>
       <div className={styles.sidebar}>
diff --git a/src/features/settings/index.ts b/src/features/settings/index.ts
index b78ba3780..a42918f70 100644
--- a/src/features/settings/index.ts
+++ b/src/features/settings/index.ts
@@ -24,6 +24,7 @@ import { LazySettingsDialog, loadBuiltinPages, unloadBuiltinPages } from "./dial
 import {
   closeSettings,
   openSettings,
+  rebaseSettings,
   selectPage,
   setNewProjects,
   setQuery,
@@ -208,20 +209,24 @@ export function activateSettingsWindow(parent: string): () => void {
     }),
   ];
   void (async () => {
-    let launch: SettingsLaunch | null = null;
+    useSettingsDialog.setState({ pagesLoading: true });
+    openSettings();
     try {
-      // A page that fails to register is reported; the window still opens with the others.
-      await loadBuiltinPages().catch((e) => logError("cannot register settings pages", e));
-      await restoreRemote();
-      const project = await commands.projectCurrent().catch(() => null);
-      if (project) useProject.setState({ project, settings: project.settings });
-      else await loadSettings().catch((e) => console.warn("cannot load settings", e));
-      // `listenLaunch` may have taken the launch first and applied it already.
-      launch = await takeLaunch();
+      const launch = await takeLaunch();
+      relaunch(launch);
+      await Promise.all([
+        loadBuiltinPages().catch((e) => logError("cannot register settings pages", e)),
+        (async () => {
+          await restoreRemote();
+          const project = await commands.projectCurrent().catch(() => null);
+          if (project) useProject.setState({ project, settings: project.settings });
+          else await loadSettings().catch((e) => console.warn("cannot load settings", e));
+          rebaseSettings();
+        })(),
+      ]);
     } finally {
-      // Without this the window would stay an empty title bar.
-      openSettings(launch?.page, { newProjects: launch?.newProjects ?? useSettingsDialog.getState().newProjects });
+      useSettingsDialog.setState({ pagesLoading: false });
     }
-  })();
+  })().catch((e) => logError("settings window startup failed", e));
   return () => disposers.reverse().forEach((d) => d());
 }
diff --git a/src/features/settings/model/staging.ts b/src/features/settings/model/staging.ts
index 6bc437ad3..b78d67bcb 100644
--- a/src/features/settings/model/staging.ts
+++ b/src/features/settings/model/staging.ts
@@ -46,6 +46,7 @@ export interface SettingsDialogState {
   scopes: Record<string, Scope>;
   saving: boolean;
   error: string | null;
+  pagesLoading: boolean;
 }
 
 export const DEFAULT_PAGE = "appearance";
@@ -66,6 +67,7 @@ export const useSettingsDialog = create<SettingsDialogState>(() => ({
   scopes: {},
   saving: false,
   error: null,
+  pagesLoading: false,
 }));
 
 const stageKey = (scope: Scope, key: string) => `${scope}|${key}`;
@@ -109,6 +111,12 @@ async function loadGlobalBase() {
   }
 }
 
+export function rebaseSettings() {
+  const base = validateSettings(useProject.getState().settings);
+  useSettingsDialog.setState((s) => (s.open ? { base, globalBase: base } : {}));
+  void loadGlobalBase();
+}
+
 /** IDEA's File › New Projects Setup › Settings for New Projects. */
 export const settingsTitle = (newProjects: boolean) => (newProjects ? "Settings for New Projects" : "Settings");
 
@@ -129,6 +137,7 @@ export function closeSettings() {
     externalApplied: {},
     error: null,
     saving: false,
+    pagesLoading: false,
   });
 }
 
diff --git a/src/features/settings/window/SettingsWindow.tsx b/src/features/settings/window/SettingsWindow.tsx
index 231a60640..445dc59b4 100644
--- a/src/features/settings/window/SettingsWindow.tsx
+++ b/src/features/settings/window/SettingsWindow.tsx
@@ -14,12 +14,15 @@ export function SettingsWindow() {
   const os = usePlatform((s) => s.os);
   const ownTitleBar = usePlatform((s) => s.overlayTitleBar || s.framelessTitleBar);
   const open = useSettingsDialog((s) => s.open);
+  const pagesLoading = useSettingsDialog((s) => s.pagesLoading);
   const title = useSettingsTitle();
   const ref = useRef<HTMLDivElement>(null);
 
   useEffect(() => {
-    if (open) ref.current?.querySelector<HTMLElement>("[data-autofocus]")?.focus({ preventScroll: true });
-  }, [open]);
+    if (open && !pagesLoading) {
+      ref.current?.querySelector<HTMLElement>("[data-autofocus]")?.focus({ preventScroll: true });
+    }
+  }, [open, pagesLoading]);
 
   return (
     <div ref={ref} className={clsx(styles.window, os === "linux" && styles.windowEdge)}>