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With debug logging on, it eventually just ends up emitting 'renew lease' messages.

Are you on macOS Catalina and Node 12?

If so see <https://pulumi-community.slack.com/archives/C84L4E3N1/p1570577792421300>. 

I'm not, it's Windows. But I _am_ on node v12.

If Node 10 works, I’d suggest that for now.  If not, please open an issue so we can take a look as this might be unrelated. 

Same issue. Catalina,  Node v12. Reverted to Node 10.16.3 and did an npm rebuild. ```pulumi up``` now completes.

Thanks.  See <https://github.com/pulumi/pulumi/issues/3309> for updates on the underlying issue here.