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There is a cheap way of doing this, which may not be the optimal approach when a subtle task (such as the foundational question you have in mind) is the goal. But, then again, this may suffice.

Working in an appropriately strong theory, to simplify, the standard way to check that NBG is conservative over ZFC is to see that any model $M$ of ZFC can be extended to a model $N$ of NBG in such a way that the "sets" of $N$ give us back $M$. Again to simplify, assume the model $M$ is transitive. The model $N$ we associate to it is Gödel's $\mathop{\rm Def}(M)$, the collection of subsets of $M$ that are first order definable in $M$ from parameters (The proper classes are the elements of $\mathop{\rm Def}(M)\setminus M$.)

This suggests the simple solution of defining the models of "iterated-NBG" as the result of iterating Gödel's operation. So, given a transitive model $M$ of ZFC, the $\alpha$-th iterate would simply be what we usually denote $L_\alpha(M)$.

I am restricting to transitive models here, but there is a natural first order theory associated to each stage of the iteration just described (at least, for "many" $\alpha$), and I guess one could try to axiomatize it decently if enough pressure is applied.

There are some subtleties in play here. One is that most likely we want to stop the iteration way before we run into serious technicalities ($\alpha$ would have to be a recursive ordinal, for one thing, but I suspect we wouldn't want to venture much beyond the $\omega$-th iteration). Another is that the objects we obtain with this procedure would have wildly varying properties depending on specific properties of $M$.

For example, if $M$ is the least transitive model of set theory, then we "quickly" add a bijection between $M$ and $\omega$. In general, if $M$ is least with some (first order in the set theoretic universe) property, then we "quickly" add a bijection between $M$ and the size of the parameters required to describe this property (this is an old fine-structural observation. "Quickly" can be made pedantically precise, but let me leave it as is).

So you may want to work not with ZFC proper but with a slightly stronger theory (something like ZFC + "there is a transitive model of ZFC" + "there is a transitive model of "ZFC+there is a transitive model of ZFC"" + ...) if you want some stability on the theory of the transitive models produced this way. (Of course, this is an issue of specific models, not of the "iterated-NBG" theory per se).

I should add that I do not know of any serious work in the setting I've suggested, with two exceptions. One, in his book on Class Forcing, Sy Friedman briefly mentions a version of "Hyperclass forcing" appropriate to solve some questions that appear in a natural fashion once we show, for example, that no class forcing over $L$ can add $0^\sharp$. The second is by Reinhardt in the context of large cardinals and elementary embeddings, and is described by Maddy in her article "Believing the axioms. II". As far as I remember, neither work goes beyond hyperclasses, i.e., classes of classes.

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There is a cheap way of doing this, which may not be the optimal approach when a subtle task (such as the foundational question you have in mind) is the goal. But, then again, this may suffice.

Working in an appropriately strong theory, to simplify, the standard way to check that NBG is conservative over ZFC is to see that any model $M$ of ZFC can be extended to a model $N$ of NBG in such a way that the "sets" of $N$ give us back $M$. Again to simplify, assume the model $M$ is transitive. The model $N$ we associate to it is Gödel's $\mathop{\rm Def}(M)$, the collection of subsets of $M$ that are first order definable in $M$ from parameters (The proper classes are the elements of $\mathop{\rm Def}(M)\setminus M$.)

This suggests the simple solution of defining the models of "iterated-NBG" as the result of iterating Gödel's operation. So, given a transitive model $M$ of ZFC, the $\alpha$-th iterate would simply be what we usually denote $L_\alpha(M)$.

I am restricting to transitive models here, but there is a natural first order theory associated to each stage of the iteration just described (at least, for "many" $\alpha$), and I guess one could try to axiomatize it decently if enough pressure is applied.

There are some subtleties in play here. One is that most likely we want to stop the iteration way before we run into serious technicalities ($\alpha$ would have to be a recursive ordinal, for one thing, but I suspect we wouldn't want to venture much beyond the $\omega$-th iteration). Another is that the objects we obtain with this procedure would have wildly varying properties depending on specific properties of $M$.

For example, if $M$ is the least transitive model of set theory, then we "quickly" add a bijection between $M$ and $\omega$. In general, if $M$ is least with some (first order in the set theoretic universe) property, then we "quickly" add a bijection between $M$ and the size of the parameters required to describe this property (this is an old fine-structural observation. "Quickly" can be made pedantically precise, but let me leave it as is).

So you may want to work not with ZFC proper but with a slightly stronger theory (something like ZFC + "there is a transitive model of ZFC" + "there is a transitive model of "ZFC+there is a transitive model of ZFC"" + ...) if you want some stability on the theory of the transitive models produced this way. (Of course, this is an issue of specific models, not of the "iterated-NBG" theory per se).