This is the third of three Wing Commander III/IV ships updated for an early Wing Commander Arena concept. This is the Bearcat, which is unquestionably the most changed - it looks like a cross between the original ship and the Wing Commander I Rapier (which the game ended up including)!
This is part of a series of beautiful Wing Commander Arena concept images graciously provided by Gaia Industries. You can find the original article here. You can thank the guys at Gaia by picking up Street Trace NYC on Xbox Live Arcade!