Yes that does look like a keiki developing at the end of the spike.
In order to get it off the spike you'll need it to start growing some roots, but it doesn't look like it has any at this point. Once it has a couple roots about 3-4 inches long you could carefully twist it off the spike and pot it up on its own.
If the spike is pliable enough you could bend it over into a pot of its own, but once again it would need to have some roots.
You should be able to do your repot, just try not to break the spike. Since the keiki has no roots and it so small it wouldn't survive on its own.
Judi