When using initrd, the system typically boots step

When using initrd, the system typically boots as follows:

1) the boot loader loads the kernel and the initial RAM disk
2) the kernel converts initrd into a "normal" RAM disk and
frees the memory used by initrd
3) initrd is mounted read-write as root
4) /linuxrc is executed (this can be any valid executable, including
shell scripts; it is run with uid 0 and can do basically everything
init can do)
5) linuxrc mounts the "real" root file system
6) linuxrc places the root file system at the root directory using the
pivot_root system call
7) the usual boot sequence (e.g. invocation of /sbin/init) is performed
on the root file system
8) the initrd file system is removed

Note that changing the root directory does not involve unmounting it.
It is therefore possible to leave processes running on initrd during that
procedure. Also note that file systems mounted under initrd continue to
be accessible.