This is Great Battleship, the fourth stage from the Arcade shmup Thunder Cross, by Konami. A very intense song that could fit both boss battles and chase sequences, along with fire based and more intense sorts of levels in general.
This almost sounds like "At Doom's Gate (E1M1)" from DOOM! Great job!
you're going to like this SiivaGunner rip then (it's actually how I found out about this theme in the first place btw)
also, honestly I think it sounds more like Evil Destroyer from Thunder Force IV myself, to the point where I wonder if the people at Technosoft were inspired by this in any way; it would make sense, but no way to know for sure