BC is 7 years old. Yeah, Homeworld routinely had 700 ships on screen, but the models were 10 times smaller. If a model had more than 200 polygons, it would be considered much, in BC, a model of a 1000 polygons would be considerd small.
Based on the limitations of 32bit memory address space, BC is physically unable to address more than 4GB. Assuming Windows even allows it.
Normally, Windows only allows up to 1.5GB of space to be used by a single program.