The game I'm looking for had the possibility for two players controlling a red or blue fighter jet. The style reminds me of the "Raiden" games in the arcades.
The only specifics I remember is that the last stage was in space and the cut sequence before you could see the jets launch horizontal onto a ramp that via a radius turned vertical and off to space they went.
I remember that you could get an upgrade called missiles that left the aircraft slowly backwards before accelerating forward. You could also get homing missiles.