Speculah:Kyubey is Evil Theory

This is one of the very first speculations that have appeared, and also one of the most commonly accepted. This theory states that Kyuubey isn't as cute and inoffensive as he looks and is supported by the following observations:

• He seems a bit too pushy towards Madoka and Sayaka, repeatedly demanding that they form a contract with him. the implication is that Kyuubey or whoever he works for (the official site describes him as a messenger) has some sort of agenda.
• His expression is a little too wooden, with a cute grin which never quits, even when being shot up by Homura in episode 2. The overall effect is just slightly creepy.
• In the opening dream, his tone of voice and expression remain entirely cheerful, and he takes the opportunity to cheerfully propose a contract while Homura is being brutally murdered in front of their eyes.
• There are ears coming out of his ears.
• Since the girls currently have no magical power, the telepathy they use in Episode two only works because he is constantly reading their minds and knows everything they are thinking.
• When he is shot up by Homura, he does not bleed, instead his white coat appears torn, revealing a red surface underneath.
• In Faust, which is referenced many times in the anime, the devil Mephistopheles appears to Faust as a small cute animal and asks Faust to form a contract with him. In the anime, Kyubey, a small cute animal-like creature, approaches Madoka and asks her to form a contract with him.
• Homura tries to kill him, but does not appear to be an antagonist. She also warns Madoka that she may "lose everything" if she wishes to be something other then herself. (ie, accept kyubey's contract and become a magical girl). Furthermore she is also shocked when knowing that Mami has defeated. Not like something one will felt when knowing her rival has been defeated.
• When Kyubey tells Madoka that Homura tried to kill him because she wanted to stop him making more magical girls, Mami's face is shadowed, implying that he may be lying. (Although she may just feel guilty for having to fight other magical girls)

However, although it is commonly accepted that Kyuubey (and therefore Mami since they're allies) may be evil, opinions differ as to his agenda.

This theory evolved with episode 2. It is now possible that Kyuubey (or whatever entity he is working for) may be interrested in Grief Seeds, or the negative energy that they contain. If the "witches are fallen magical girls" theory is true, then it is possible that Kyuubey creates magical girls so that they supply him with filled seeds.

1. Grant wishes and create magical girls
2. Wait for these magical girls to turn into witches
3. Create more magical girls to fight the witches
4. Collect the negative energy the new magical girls have found and generated.
5. Repeat process
6. ???
7. Profit

Moreover, since it takes many witches to keep one magical girl supplied, it is possible that the majority of girls which Kyubey contracts with will never successfully collect a grief seed before becoming prey themselves. This speculah is known as the "Pyramid scheme" or "Ponzi scheme"

Another possibility raised by this theory is that the dream shown to Madoka at the beginning of episode one may well be a fake dream, created for the sole purpose of making Madoka want to be a magical girl. That supposes Kyuubey can alter people's perception, which is also fairly possible since he's able to communicate by telepathy.

• Urobuchi Gen made some interesting tweets about how he was wondering how people could think Kyuubey is suspicious "even though there aren't any scenes with bloodshed yet" this could either be taken as "Kyubey really isn't evil" or "just wait until blood sheds and then see whether he's evil or not" or something.