Can you take a pic of the spike/keiki (???) from the top, so we can see all of the top part please?
I have a Phal - still alive, even as I've tortured it with MAJOR under-watering - with a terminal spike but it comes right up the center and it does not have any adventitious leaves.
I have seen Phals with spikes at Hausermann's greenhouse that have a leaf, like the first/lowest one, on the spike. I almost bought the plant BECAUSE I thought it was a keiki but they said no it's not, just some Phals do that. However I don't know how to explain the leaves at the top, other than to say what others have said and maybe it was growing a spike and then being stressed out it decided to grow a keiki instead?
I have a stressed Phal whose spike I left on b/c it was green. Then it started a keiki at the top. The keiki still hasn't grown roots (under-waterer, guilty as charged) BUT it's growing a spike AND the main spike from mother plant is growing a new branch.
They do weird things. Good luck, I look forward to following its progress. And if you ask me, don't cut it just take good care of the plant and see how this crazy thing progresses.