Literal: (Be) nervous. (Be) nervous, you know (sentence-ending particle 'ne').
I’m so nervous.
Yes, so nervous.
Grammar
descriptive tag
Noun + する to make a verb (suru-verb)
緊張する緊張する
緊張 is a noun meaning "tension" or "nervousness", and adding する turns it into the verb 緊張する, "to be nervous / to feel tense". In this lyric, the speaker uses 緊張する twice to strongly express that they are (feeling) nervous. This Noun + する pattern is very common and is how many Japanese verbs are formed from abstract nouns (e.g. 勉強する, 練習する).
毎日日本語を勉強する。Mainichi Nihongo o benkyou suru. — I study Japanese every day.
仕事の前に運動するようにしています。Shigoto no mae ni undou suru you ni shite imasu. — I try to exercise before work.
descriptive tag
Sentence-ending particle ね for shared feeling / agreement
ね
The sentence-ending particle ね is used to seek agreement, confirm shared information, or show that the speaker expects the listener to share their feeling. In 「緊張するね。」 it softens the statement and makes it feel like "I’m nervous, you know" or "We’re nervous, huh," inviting the listener to relate. Without ね, the line would sound more flat or one-sided; with ね, it sounds more friendly and empathetic.
この音楽、いいね。Kono ongaku, ii ne. — This music is nice, isn’t it?
明日、早いね。そろそろ寝よう。Ashita, hayai ne. Sorosoro neyō. — It’s early tomorrow, huh. Let’s go to bed soon.