There are (at least) two variants of this question.
Is it possible to modify the axioms of set theory, without arriving at obvious contradiction, in such a way that in a model of the theory there is a set $X$ with empty powerset? (Note that this requires quite serious changes, e. g. $X\subseteq X$ shall not hold)
Category-theoretic version: is it possible to adjoin to an elementary topos an object $X$ with an isomorphism $\Omega^X\cong0$ without collapsing the topos? (The analog of the above parenthetic remark here is that one obviously has to seriously change the structure, maybe even work in categories-without-identity-morphisms)
In response to a comment below I must admit such sort of thing requires at least some motivation. I'll try to provide some, risking even more downvotes - it is less-than-half-serious; but then it is a soft question anyway.
Recently I encountered an inductive construction which goes like this (I omit details). One constructs $X_0\subseteq X_1\subseteq X_2\subseteq\cdots$; one starts with $X_0=\varnothing$; having constructed $X_n$, elements of $X_{n+1}$ are certain pairs $(\chi,x)$ with $\chi$ something that is not relevant here, and $x\subseteq X_n$, which for $n>0$ must satisfy $x\nsubseteq X_{n-1}$.
So out of vanity urge I thought - would not it be great if one would have some such $X_{-1}\subseteq X_0$ which would enable one to remove the above "for $n>0$"? That is, $X_{-1}$ should be such that $X_{-1}\subseteq X_0$ and moreover $x\subseteq\varnothing$ with $x\nsubseteq X_{-1}$ would not exclude $x=\varnothing$, and moreover $\{x\subseteq X_{-1}|\text{whatever}\}$ should be $\varnothing$.
As you see initially I did not dare to add one more requirement that this $X$ should satisfy: it must be subset of the empty set :D