It detects default drivers, and it cuts short just when is trying to determine how much of your videoRAM from your computer can be used.INITIALIZING OPENGL
[MT] Vendor: Microsoft Corporation
[MT] Renderer: GDI Generic
[MT] Driver version: 1.1.0
[MT] OpenGL version: 1.1.0
[MT] GLSL version: 0.0
[MT] Extensions: NONE
[MT] CRITICAL ERROR: Old OpenGL version (1.1.0). Ignoring and continue startup.
[MT] CRITICAL ERROR: Old GLSL version (1.1.0). Ignoring and continue startup.
[MT] CRITICAL ERROR: Required OpenGL extensions are missing:
From the log we can only infer that your PC is a dual core with 2GB of RAM. I guess it could be possible that Spaceengine is failing in examining your system, though.
What exactly are your computer specifications, RAM, graphic card and operating system?