Summary

  • Uniserve’s 21 October update targets 1 MW of initial operating capacity at VAN-2 in Q4 2026; a second megawatt is described as future expansion.
  • Its 2025 lease and build announcement described a 10,000-square-foot facility designed for 2 MW, a C$12 million total budget and a C$6.5 million first phase.
  • A filed 2025 MD&A says the 10-year lease began on 1 September 2026 and was with a company controlled by a significant shareholder.
  • Public releases do not identify commissioning, utility energisation, activated customer load or a VAN-2-specific customer contract.

The second megawatt did not vanish. It moved into a sentence about the future.

Uniserve’s October update says its VAN-2 data centre in Vancouver is targeting an initial operating capacity of 1 MW in the fourth quarter of 2026. It lists an additional megawatt as available for future expansion. The site is about 10,000 square feet. The company describes a Tier III design, redundant power and cooling, racks supporting up to 30 kW, carrier-neutral connectivity and controlled access as planned capabilities.

That phrasing matters because the project started with a larger headline. In September 2025, Uniserve said it had secured a lease at 369 Terminal Avenue for a facility designed for 2 MW. The initial release put the total budget at C$12 million and estimated the first phase at C$6.5 million. A follow-up said the lease had been signed. The filings describe a ten-year term beginning 1 September 2026.

The public record now gives a phased target: 1 MW for Q4 2026 and another megawatt for a future expansion. It gives no reason for the phase boundary.

The lease creates a calendar with real economics. Uniserve’s interim filing estimated rent at about C$448,000 a year for the first five years and C$478,000 for the next five. It also records a C$1 million lease inducement, a C$1 million forgivable loan tied to warrants and a C$74,610 deposit. The landlord, 369 Terminal Holdings Ltd., was described in the filing as a related company controlled by a significant shareholder. The filing places those terms beside the related-party disclosure.

There is a second set of numbers behind the expansion story. Uniserve reported FY2026 revenue of C$10.19 million, an operating loss of C$2.50 million and a net loss of C$4.70 million. The result included a C$1.95 million impairment loss, while the comparative year was restated for a C$196,700 warrant-valuation adjustment. None of those figures is allocated to VAN-2. They show the company’s reported financial position; they do not reveal the project’s present cash commitments or remaining construction budget.

Uniserve also announced a five-year AI-compute service contract for two servers at a Vancouver data centre in September. The release does not name the site. Putting that contract on VAN-2’s sales ledger would turn an unnamed location into a fact the company has not published.

That leaves a clean test for the new capacity story: one project-specific commissioning record that connects delivered power, installed equipment and activated customer load. Until then, 1 MW is an operating target; the second MW is an expansion option; and neither phrase should be promoted into a completed service.

Sources