etc.
Second paragraph: "Roberts told investors that IREN has signed contracts covering 85% of its $4 billion-plus 2026 annualized revenue run-rate target. The company earlier this month locked in $2.8 billion in AI cloud contracts with Microsoft, NVIDIA, Perplexity, and Figure AI. Those deals are the backbone of IREN's transformation from a pure Bitcoin miner into a high-performance computing provider."
Translation: "Roberts fortalte investorer at IREN har signert kontrakter som dekker 85 % av selskapets mål for årlig inntektsrate på over 4 milliarder dollar i 2026. Selskapet sikret tidligere denne måneden AI-skykontrakter verdt 2,8 milliarder dollar med Microsoft, NVIDIA, Perplexity og Figure AI. Disse avtalene er ryggraden i IRENs transformasjon fra en ren Bitcoin-gruvearbeider til en leverandør av høytytende databehandling."
We need to keep numbers: 85%, $4 billion-plus, $2.8 billion, etc. We'll use "over 4 milliarder dollar" for "$4 billion-plus". Also "annualized revenue run-rate" - we can say "årlig inntektsrate" or "årlig omsetningsrate". We'll use "årlig inntektsrate" but "run-rate" is a term. We'll say "årlig inntektsrate (run-rate)"? Better to keep it simple: "årlig inntektsrate". Actually "run-rate" is often "løpende rate" but we'll just say "årlig inntektsrate" and context.
Third paragraph: "“Customer demand for computing capacity exceeds what we can build,” Roberts said, according to a transcript of the call. The statement underscores the pressure on IREN to scale its infrastructure quickly."
Translation: "«Kundenes etterspørsel etter datakapasitet overstiger det vi kan bygge», sa Roberts, ifølge en utskrift av samtalen. Uttalelsen understreker presset på IREN for å skalere infrastrukturen raskt."
Fourth paragraph: "The financial cushion" - heading. We'll translate heading: "Den økonomiske bufferen" or "Finansiell buffer". We'll use "Den økonomiske bufferen".
Fifth paragraph: "Customer prepayments cover roughly 45% of the GPU capital costs for IREN's buildout, reducing the company's need to tap equity or debt markets. IREN aims to reach 1.2 gigawatts of capacity by 2027, up from its current footprint. The prepayment structure gives IREN a buffer against the volatile crypto mining revenue that has hammered other miners pivoting to AI."
Translation: "Kundeforskudd dekker omtrent 45 % av GPU-kapitalkostnadene for IRENs utbygging, noe som reduserer selskapets behov for å benytte seg av aksje- eller gjeldsmarkeder. IREN har som mål å nå 1,2 gigawatt kapasitet innen 2027, opp fra dagens fotavtrykk. Forskuddsstrukturen gir IREN en buffer mot den volatile kryptogruveinntekten som har rammet andre gruvearbeidere som satser på AI."
We need to translate "GPU" - we can keep as GPU, it's common. "buildout" - "utbygging". "footprint" - "fotavtrykk" but in context of capacity, maybe "nåværende kapasitet" or "nåværende omfang". We'll use "nåværende fotavtrykk" but that might be odd. Better: "opp fra dagens nivå" or "opp fra dagens kapasitet". We'll use "opp fra dagens kapasitet". Also "hammered" - "rammet hardt" or "har slått". We'll use "har rammet".
Sixth paragraph: "Short squeeze in play" - heading. "Short squeeze" is often "short squeeze" in Norwegian too, but we can say "Kortpress" or "Short squeeze". We'll use "Short squeeze i spill" or "Short squeeze er i gang". We'll use "Short squeeze i spill" as heading.
Seventh paragraph: "Trading volume on the rebound day hit nearly 73 million shares, well above the average of roughly 51 million. That kind of volume spike typically signals a short squeeze, and IREN's stock had been heavily shorted during its prior month's decline. Despite the 30% jump, the stock was still down over the prior five days, suggesting the squeeze didn't fully erase the recent losses."
Translation: "Handelsvolumet på oppgangsdagen nådde nesten 73 millioner aksjer, godt over gjennomsnittet på omtrent 51 millioner. Den typen volumøkning signaliserer vanligvis en short squeeze, og IREN-aksjen hadde vært tungt shortet under den foregående månedens nedgang. Til tross for 30 %-hoppet var aksjen fortsatt ned de siste fem dagene, noe som tyder på at squeeze ikke fullt ut utslettet de nylige tapene."
We need to keep "short squeeze" as is, it's a term. Also "shorted" - "shortet" is used.
Eighth paragraph: "IREN's next milestone is reaching 1.2 GW of capacity by 2027, but the immediate question is whether the company can scale fast enough to turn that demand into sustained revenue growth. With prepayments covering nearly half the GPU costs, the financial risk is
