It arches - it's not pendulous.
I probably wouldn't stake it upright. I'd most likely support it, (if you felt the need to do so), by putting a stake where it is stable, and use floral wire to support the arching spike onto the stake. The stake shouldn't be very tall. Make it only an inch taller than the height of the arch on the spike, (if you get what I mean).
Btw, this is what your plant's spike/flowers will look like, if you weren't aware already:
Panoramio - Photo of Brassia caudata
It is a species,
not a hybrid.
The way species names are written, the genus name,
Brassia, is capitalized. The species name,
caudata, is in lower case.
Pretty cool plant, I think you lucked out.