I had same problem with my GM release, named "Xcode 12". I guess Xcode's developers made some incorrect assumptions about it's file name.

And it's happening again. This is what I'm doing to fix it. rm ~/Library/"Saved Application State"/com.apple.dt.Xcode.savedState/* defaults delete com.apple.dt.Xcode rm -rf  ~/Library/Developer Right click  yourprojectname.xcodeproj Show package contents. Delete xcuserdata. Right click on project.xcworkspace Show package contents  delete the xcurserdata. For some reason still had to run xcrun simctl shutdown all && xcrun simctl erase all

I had this happen twice two weeks ago, and was able to get the problem to go away by deleting xcuserdata: folder from both of your .xcodeproj & .xcworkspace  defaults delete com.apple.dt.Xcode rm -r ~/Library/Developer/XCode/DerivedData rm -r /Applications/Xcode.app rm -r ~/Library/Caches/com.apple.dt.Xcode rm -r  ~/Library/Developer rm -r ~/Library/MobileDevice rm ~/Library/Preferences/com.apple.dt.Xcode.plist restart mac But unfortunately it's happening again, and these process isn't fixing it. In my case it appears to happen with any project.

You can also try xcrun simctl shutdown all && xcrun simctl erase all to entirely reset simulator. That helped me the first two times. Edit: And so far looks to have fixed the third time too.

None of my fixes are working, forced to just restart Xcode every 1-5 minutes when beachball appears. In my case it's possible I have an IBDesignable issue, it's a large project with some IBDesignable errors in storyboards (that I didn't make). I'm curious why it always takes a few minutes to beach ball, seems like a background process that might be doing something to storyboards and takes that long to start.

So the error I am getting from IBDesignables is: dlopen(app name.app, 1): no suitable image found. Did find: AppName.app: macho-0, but wrong architecture I had excluded ARM64 in order to get Xcode to build to Simulator when I first got my M1 MacBook Air. So I removed the exclusions and built again and Xcode suddenly seems more stable, running for longer without the spinner. This is even though IBDesignable error still exists (after clean/deleting derived data) and I still get the spinner if I click on the error message in Storyboards.

Reinstalling Big Sure appears to have fixed the problem.