Previous numerical simulations have shown that vortex breakdown starts with the formation of a steady axisymmetric bubble and that an unsteady spiralling mode then develops on top of this. We investigate this spiral mode with a linear global stability analysis around the steady bubble and its wake. We obtain the linear direct and adjoint global modes of the linearized Navier–Stokes equations and overlap these to obtain the structural sensitivity of the spiral mode, which identifies the wavemaker region. We also identify regions of absolute instability with a local stability analysis. At moderate swirls, we find that the $m= - 1$ azimuthal mode is the most unstable and that the wavemaker regions of the $m= - 1$ mode lie around the bubble, which is absolutely unstable. The mode is most sensitive to feedback involving the radial and azimuthal components of momentum in the region just upstream of the bubble. To a lesser extent, the mode is also sensitive to feedback involving the axial component of momentum in regions of high shear around the bubble. At an intermediate swirl, in which the bubble and wake have similar absolute growth rates, other researchers have found that the wavemaker of the nonlinear global mode lies in the wake. We agree with their analysis but find that the regions around the bubble are more influential than the wake in determining the growth rate and frequency of the linear global mode. The results from this paper provide the first steps towards passive control strategies for spiral vortex breakdown.