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Well my theory, like all of them I suppose, is hard to explain.
We think of space as a vacuum, where there’s nothing. But space is something, isn’t it? I think of the universe as this giant balloon of “something”, and outside it there is literally nothing. That’s nothing as in “non-existence”.
My theory is that the universe is “being created” at the edges, it’s like an ocean wave of “something-ness” rolling and roiling into creation, so yes, it’s like a balloon, in that inside the balloon is the universe we can see (touch, taste, measure, etc.) and outside is “nothing”.
How long can that go on? No idea. Maybe it’s self-sustaining forever. Maybe the quarks or dark matter or whatever is powering it runs out and we have stasis. Maybe it starts coming back in again. I’m clueless here (some would say elsewhere, too.)
But yeah, there’s “nothing” outside the balloon because it hasn’t been created yet.