eat much pie is right. The "if spacekey()=1" line should just be a trigger to start the process of moving the bullet to the target. However, in your code, the only thing the computer has to do when the spacekey is depressed is to move the bullet 10 units. If the player continues to hold the spacekey down, the bullet will continue to progress forward 10 units at a time for every iteration of the loop.
You may want to make the bullet moving/creating processes entirely separate functions. Something like this:
if spacekey()=1
if bullet_exists()=1
move_bullet
else
start_new_bullet()
endif
endif
function start_new_bullet()
make object sphere 1,5
position object 1,0,0,0
endfunction
function move_bullet()
position object 1,previous_val+10
endfunction
/* You are not expected to understand this. */
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