Reproduction steps:
1) Open attached project
2) Go to Player settings (Edit > Project Settings > Player)
3) Open "Other Settings"
4) Turn off "Auto Graphics API for Windows", add "Direct3D12 (Experimental)" and remove all other APIs
5) Open "scene" scene and build it
6) Launch project

Expected result:
Unity's splash image should be shown at the beginning.

Actual result:
Instead of splash image, Unity shows black screen.

Note:
It doesn't matter which splash screen style is selected in Players settings (under "Splash Image" tab).

Note 2:
It reproduces regardless if its in window mode or fullscreen.

Regression happened in 5.4.0b18