Aliens: Fireteam Elite's Horde Mode is unlocked once you've seen all twelve campaign missions through once. It's a more static take on the Xenomorph slaughter you're already used to, prioritizing the defense of an area and yielding some of its own rewards.
Aliens: Fireteam Elite throws increasingly difficult waves of Xenomorphs your way, giving your team the option to extract every 10 waves. This is also when it doles out its rewards, acting as an alternative way to level up your classes, weapons, and earn other goodies.
Completing 10 waves of Aliens: Fireteam Elite's Horde Mode seems to always reward both gun and character XP alongside Rep Scrip – used to purchase cosmetics – and Requisition Credits that can be exchanged for guns at the armory aboard the Endeavor.
On top of that, we also received consumables, perks, and emotes. The number of goodies you obtain increases with the number of cycles you manage to push through.
Difficulty also plays into this, to some extent, Intense and Insane rewarding you the Horde Slayer weapon skin, once you complete Wave 10, which makes your guns look like they're covered in acid.
It's possible that later waves also have some form of exclusive goodies tied to completing them, but we're still working our way through their nasty bug packs.
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