An ability that triggers when a player casts a spell resolves before the spell that caused it to trigger. It resolves even if that spell is countered.

For spells with {X} in their mana costs, use the value chosen for X to determine the spell's mana value.

You can choose 0 as the value of X in Shark Typhoon's cycling cost. The last ability will trigger, and you'll create a 0/0 blue Shark creature token with flying. Unless something else is raising its toughness, the Shark will then immediately die.

Some cards with cycling have an ability that triggers when you cycle them, and some cards have an ability that triggers whenever you cycle any card. These triggered abilities resolve before you draw from the cycling ability.

Triggered abilities from cycling a card and the cycling ability itself aren't spells. Effects that interact with spells (such as that of Cancel) won't affect them.

You can cycle a card even if it has a triggered ability from cycling that won't have a legal target. This is because the cycling ability and the triggered ability are separate. This also means that if either ability is countered (with Disallow, for example), the other ability will still resolve.