The Prophecy of the Second Rebirth is an ancient prophecy from the Laedstranne, and arguably one of the most mysterious prophecies in the entire book. It is clear that it has not been fulfiled yet, but there is no indication of when the prophecy will come to pass.
Most scholars agree it was written in the early days of the Second Age, as a response from Tylbur in regards to the growing darkness that had overtaken his creation. When he wrote the prophecy, and Tai'kalu (never mentioned by name in the prophecy) learned about it, Tai'kalu increased his efforts to foil the plans that Tylbur had set in stone. This caused the First War of the Northlands, where Tai'kalu had resided for much of the time he had been banished from Aeoresise. The War was quite catastrophic for the Kingdom of the Phoenix in the centre of Steorth, and heralded the start of the Third Age (also known as the Age of Darkness).
Many scholars debate whether or not the prophecy is figurative or literal, but almost all of them do agree that the prophecy appears to be speaking about a time of renewal - a new age where Tai'kalu is chained from destroying anything, and the stars will be dragged to the depths of the heavens.
According to the Laedstranne, the prophecy is, word for word, as such:
The Lord Tylbur speaks; his voice like thunder, his truths made real like inscriptions carved in stone. His word is truth, and he is faithful to his word: "By my word, I will restore my creation. I will burn it in a trial of fire, and restore order and peace to the land. I will crush the land into the flames, and scatter it to the four corners of the heavens. I will destroy the dark, and the stars will fall. In that day, all will know that I am the One, the Creator."