I'd guess it is getting ready to branch. Doesn't really look like a keiki, but pretty early on.

FYI: It's not unusual for these to abort before doing too much. Don't beat yourself up if that ends up being the case.

Bob

I have one phal about 8 years old now and it always has several of these on the spikes each year. Rarely do they do anything for me. Depending on your location, but this time of year I'd cut that spike and focus on root and leaf growth.

Good luck

Thanks

It's already started new leaves and some new monster roots, but I've been waiting for the flowers to drop before I repot. I will stay with that plan unless I see this really take off, and then I'll ask again.

Alan