Looks like you have a keiki but hard to tell. What kind of orchid is that, a phal, onc,???

Give it a few more days and you'll be able to tell for sure if it is another spike or a Keike for sure...more than likely you could cut it off above but I don't cut spikes until they get brown and dead ..u never know what they are going to do. I currently have a phal that has had 2 spikes on it and it keeps re blooming and actually now has 2 keikes growing. 1 on each spike. The spikes have been alive for almost a year now.

But from the looks of it if it is another spike you should get some new flowers soon :-)