An IPO is a multi-step process that involves regulatory filings, marketing, pricing, and listing on a stock exchange. Companies file a registration statement with the relevant regulatory authority, which reviews the filing and provides feedback on disclosure and compliance requirements.

During the marketing stage, company executives and investment bankers present the company's financials, growth potential, and IPO details to investors. The IPO price can be determined through a fixed-price method or bookbuilding, where investor bids help determine the final offer price.

Going public can provide liquidity opportunities for founders, early investors, and employees. However, insiders may be subject to lock-in periods that restrict them from selling their shares immediately after the IPO.

Anduril opened a $1.3 billion tender offer that allows eligible employees to sell their shares at $94.80 apiece, valuing the defense technology company at roughly $90 billion. The offer closes on November 9, and employees in 16 countries are eligible to participate, according to the report. Anduril confirmed the tender offer to CNBC after Bloomberg first reported the news.

The offer follows Anduril's $5 billion funding round in May, which doubled the company's valuation to $61 billion. Founded in 2017, Anduril has gained prominence for its drones, augmented reality headsets, and AI software developed for the U.S. government and allied governments. The company has also secured a U.S. Navy shipyard contract worth up to $2.9 billion this month.

Source: Bloomberg via CNBC