<PAGE>   1
                                                                     EXHIBIT 4.8

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD OR OFFERED FOR SALE
IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER
SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR THE AVAILABILITY OF AN
EXEMPTION FROM REGISTRATION UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES
LAWS.


                                       NO.
                           STOCK SUBSCRIPTION WARRANT

                     TO PURCHASE SERIES E PREFERRED STOCK OF

                        VIXEL CORPORATION (THE "COMPANY")

                     DATE OF INITIAL ISSUANCE: MAY 30, 1997

        THIS CERTIFIES THAT for value received, TRANSAMERICA BUSINESS CREDIT
CORPORATION or its registered assigns (hereinafter called the "Holder") is
entitled to purchase from the Company, at any time during the Term of this
Warrant, Twenty-Five Thousand (25,000) shares of Series E Preferred Stock,
$0.001 par value, of the Company (the "Series E Preferred Stock"), at the
Warrant Price, payable as provided herein. The exercise of this Warrant shall be
subject to the provisions, limitations and restrictions herein contained, and
may be exercised in whole or in part.

SECTION 1.  DEFINITIONS.

        For all purposes of this Warrant, the following terms shall have the
meanings indicated:

        EXCHANGE ACT - shall mean the Securities Exchange Act of 1934, as
amended from time to time.

        SECURITIES ACT - the Securities Act of 1933, as amended.

        SERIES E PREFERRED STOCK - shall mean and include the Company's
authorized Series E Preferred Stock, $0.001 par value, as constituted at the
date hereof or any security into which such Series E Preferred Stock may
hereafter be converted or exchanged pursuant to the Company's Certificate of
Incorporation as from time to time amended, including the conversion of all
Series E Preferred Stock into Common Stock upon the closing of an initial public
offering of the Company's Common Stock.

        TERM OF THIS WARRANT - shall mean the period beginning on the date of
initial issuance hereof and ending on the sooner to occur of (i) May 31, 2002,
(ii) one year after completion of the Company's initial firm commitment
underwritten public offering of the Company's securities, or (iii) subject to
compliance with Section 7 hereof, the closing of a consolidation or merger of
the Company with another entity, or the sale of all or substantially all of its
assets to another person or entity.



<PAGE>   2

        WARRANT PRICE - $5.62 per share, subject to adjustment in accordance
with Section 5 hereof.

        WARRANTS - this Warrant issued pursuant to a Commitment Letter dated May
2, 1997 executed by the Company and Transamerica Business Credit Corporation
(the "Commitment Letter") to the original holder of this Warrant, or any
transferees from such original holder or this Holder.

        WARRANT SHARES - shares of Series E Preferred Stock purchased or
purchasable by the Holder of this Warrant upon the exercise hereof.

SECTION 2.  EXERCISE OF WARRANT.

        2.1. PROCEDURE FOR EXERCISE OF WARRANT. To exercise this Warrant in
whole or in part (but not as to any fractional share of Series E Preferred
Stock), the Holder shall deliver to the Company at its office referred to in
Section 11 hereof at any time and from time to time during the Term of this
Warrant: (i) the Notice of Exercise in the form attached hereto, (ii) cash,
certified or official bank check payable to the order of the Company, wire
transfer of funds to the Company's account (or any combination of any of the
foregoing) in the amount of the Warrant Price for each share being purchased,
and (iii) this Warrant. Notwithstanding any provisions herein to the contrary,
if the Current Market Price (as defined in Section 5) is greater than the
Warrant Price (at the date of calculation, as set forth below), in lieu of
exercising this Warrant as hereinabove permitted, the Holder may elect to
receive shares of Series E Preferred Stock equal to the value (as determined
below) of this Warrant (or the portion thereof being canceled) by surrender of
this Warrant at the office of the Company referred to in Section 11 hereof,
together with the Notice of Exercise, in which event the Company shall issue to
the Holder that number of shares of Series E Preferred Stock computed using the
following formula:

                               PS = WPS x (CMP-WP)
                               -------------------
                                       CMP

Where

        PS      equals the number of shares of Series E Preferred Stock to be
                issued to the Holder

        WPS     equals the number of shares of Series E Preferred Stock
                purchasable under the Warrant or, if only a portion of the
                Warrant is being exercised, the portion of the Warrant being
                exercised (at the date of such calculation)

        CMP     equals the Current Market Price (at the date of such
                calculation)

        WP      equals the Warrant Price (as adjusted to the date of such
                calculation)

In the event of any exercise of the rights represented by this Warrant, a
certificate or certificates for the shares of Series E Preferred Stock so
purchased, registered in the name of the Holder or such other name or names as
may be designated by the Holder, shall be delivered to the Holder hereof within
a reasonable time, not exceeding fifteen (15) days, after the rights represented
by this Warrant shall have been so exercised; and, unless this Warrant has
expired, a new Warrant representing the number of shares (except



                                      -2-
<PAGE>   3

a remaining fractional share), if any, with respect to which this Warrant shall
not then have been exercised shall also be issued to the Holder hereof within
such time. The person in whose name any certificate for shares of Series E
Preferred Stock is issued upon exercise of this Warrant shall for all purposes
be deemed to have become the holder of record of such shares on the date on
which the Warrant was surrendered and payment of the Warrant Price and any
applicable taxes was made, irrespective of the date of delivery of such
certificate, except that, if the date of such surrender and payment is a date
when the stock transfer books of the Company are closed, such person shall be
deemed to have become the holder of such shares at the close of business on the
next succeeding date on which the stock transfer books are open.

        2.2. TRANSFER RESTRICTION LEGEND. Each certificate for Warrant Shares
shall bear the following legend (and any additional legend required by (i) any
applicable state securities laws, (ii) any securities exchange upon which such
Warrant Shares may, at the time of such exercise, be listed, and (iii) the
Amended and Restated Investors Rights Agreement by and among the Company and
certain of its securityholders, dated as of May __, 1997) on the face thereof
unless at the time of exercise such Warrant Shares shall be registered under the
Securities Act:

        "The shares represented by this certificate have not been registered
        under the Securities Act of 1933, as amended, and may not be sold or
        transferred in the absence of such registration or an exemption
        therefrom under said Act."

Any certificate issued at any time in exchange or substitution for any
certificate bearing such legend (except a new certificate issued upon completion
of a public distribution under a registration statement of the securities
represented thereby) shall also bear such legend unless, in the opinion of
counsel for the holder thereof (which counsel shall be reasonably satisfactory
to counsel for the Company) the securities represented thereby are not, at such
time, required by law to bear such legend.

SECTION 3. COVENANTS AS TO SERIES E PREFERRED STOCK. The Company covenants and
agrees that all shares of Series E Preferred Stock that may be issued upon the
exercise of the rights represented by this Warrant will, upon issuance, be
validly issued, fully paid and nonassessable, and free from all taxes, liens and
charges with respect to the issue thereof. The Company further covenants and
agrees that it will pay when due and payable any and all federal and state taxes
which may be payable in respect of the issue of this Warrant or any Series E
Preferred Stock or certificates therefor issuable upon the exercise of this
Warrant, but excluding taxes on or measured by the net income of the Holder. The
Company further covenants and agrees that the Company will have authorized and
reserved within 60 days of the date of Initial Issuance of this Warrant, free
from preemptive rights, a sufficient number of shares of Series E Preferred
Stock to provide for the exercise of the rights represented by this Warrant. The
Company further covenants and agrees that if any shares of capital stock to be
reserved for the purpose of the issuance of shares upon the exercise of this
Warrant require registration with or approval of any governmental authority
under any federal or state law before such shares may be validly issued or
delivered upon exercise, then the Company will in good faith and as
expeditiously as possible endeavor to secure such registration or approval, as
the case may be. If and so long as the Series E Preferred Stock issuable upon
the exercise of this Warrant is listed on any national securities exchange, the
Company will, if permitted by the rules of such exchange, list and keep listed
on such exchange, upon official notice of issuance, all shares of such Series E
Preferred Stock issuable upon exercise of this Warrant.



                                      -3-
<PAGE>   4

SECTION 4. ADJUSTMENT OF NUMBER OF SHARES. Upon each adjustment of the Warrant
Price as provided in Section 5, the Holder shall thereafter be entitled to
purchase, at the Warrant Price resulting from such adjustment, the number of
shares (calculated to the nearest tenth of a share) obtained by multiplying the
Warrant Price in effect immediately prior to such adjustment by the number of
shares purchasable pursuant hereto immediately prior to such adjustment and
dividing the product thereof by the Warrant Price resulting from such
adjustment.

SECTION 5. ADJUSTMENT OF WARRANT PRICE. The Warrant Price shall be subject to
adjustment from time to time as follows:

        (i) If, at any time during the Term of this Warrant, the number of
shares of Series E Preferred Stock outstanding is increased by a stock dividend
payable in shares of Series E Preferred Stock or by a subdivision or split-up of
shares of Series E Preferred Stock, then, following the record date fixed for
the determination of holders of Series E Preferred Stock entitled to receive
such stock dividend, subdivision or split-up, the Warrant Price shall be
appropriately decreased so that the number of shares of Series E Preferred Stock
issuable upon the exercise hereof shall be increased in proportion to such
increase in outstanding shares.

        (ii) If, at any time during the Term of this Warrant, the number of
shares of Series E Preferred Stock outstanding is decreased by a combination of
the outstanding shares of Series E Preferred Stock, then, following the record
date for such combination, the Warrant Price shall appropriately increase so
that the number of shares of Series E Preferred Stock issuable upon the exercise
hereof shall be decreased in proportion to such decrease in outstanding shares.

        (iii) In case, at any time during the Term of this Warrant, the Company
shall declare a cash dividend upon its Series E Preferred Stock payable
otherwise than out of earnings or earned surplus or shall distribute to holders
of its Series E Preferred Stock shares of its capital stock (other than Series E
Preferred Stock), stock or other securities of other persons, evidences of
indebtedness issued by the Company or other persons, assets (excluding cash
dividends and distributions) or options or rights (excluding options to purchase
and rights to subscribe for Series E Preferred Stock or other securities of the
Company convertible into or exchangeable for Series E Preferred Stock), then, in
each such case, immediately following the record date fixed for the
determination of the holders of Series E Preferred Stock entitled to receive
such dividend or distribution, the Warrant Price in effect thereafter shall be
determined by multiplying the Warrant Price in effect immediately prior to such
record date by a fraction of which the numerator shall be an amount equal to the
difference of (x) the Current Market Price of one share of Series E Preferred
Stock minus (y) the fair market value (as determined by the Board of Directors
of the Company, whose determination shall be conclusive) of the stock,
securities, evidences of indebtedness, assets, options or rights so distributed
in respect of one share of Series E Preferred Stock, and of which the
denominator shall be such Current Market Price.

        (iv) All calculations under this Section 5 shall be made to the nearest
cent or to the nearest one-tenth (1/10) of a share, as the case may be.

        (v) For the purpose of any computation pursuant to this Section 5, the
Current Market Price at any date of one share of Series E Preferred Stock shall
be deemed to be the average of the daily closing prices for the 15 consecutive
business days ending no more than 5 business days before the day in



                                      -4-
<PAGE>   5

question (as adjusted for any stock dividend, split, combination or
reclassification that took effect during such 15 business day period) of one
share of the Company's common stock, multiplied by the number of shares of
common stock into which one share of Series E Preferred Stock is convertible.
The closing price for each day shall be the last reported sales price regular
way or, in case no such reported sales took place on such day, the average of
the last reported bid and asked prices regular way, in either case on the
principal national securities exchange on which the Company's common stock is
listed or admitted to trading or as reported by Nasdaq (or if the Company's
common stock is not at the time listed or admitted for trading on any such
exchange or if prices of the Company's common stock are not reported by Nasdaq
then such price shall be equal to the average of the last reported bid and asked
prices on such day as reported by The National Quotation Bureau Incorporated or
any similar reputable quotation and reporting service, if such quotation is not
reported by The National Quotation Bureau Incorporated); provided, however, that
if the Company's common stock is not traded in such manner that the quotations
referred to in this clause (v) are available for the period required hereunder,
the Current Market Price shall be determined in good faith by the Board of
Directors of the Company or, if such determination cannot be made, by a
nationally recognized independent investment banking firm selected by the Board
of Directors of the Company (or if such selection cannot be made, by a
nationally recognized independent investment banking firm selected by the
American Arbitration Association in accordance with its rules).

        (vi) Whenever the Warrant Price shall be adjusted as provided in Section
5, the Company shall prepare a statement showing the facts requiring such
adjustment and the Warrant Price that shall be in effect after such adjustment.
The Company shall cause a copy of such statement to be sent by mail, first class
postage prepaid, to each Holder of this Warrant at its, his or her address
appearing on the Company's records. Where appropriate, such copy may be given in
advance and may be included as part of the notice required to be mailed under
the provisions of subsection (viii) of this Section 5.

        (vii) Adjustments made pursuant to clauses (i), (ii) and (iii) above
shall be made on the date such dividend, subdivision, split-up, combination or
distribution, as the case may be, is made, and shall become effective at the
opening of business on the business day next following the record date for the
determination of stockholders entitled to such dividend, subdivision, split-up,
combination or distribution.

        (viii) In the event the Company shall propose to take any action of the
types described in clauses (i), (ii), or (iii) of this Section 5, the Company
shall forward, at the same time and in the same manner, to the Holder of this
Warrant such notice, if any, which the Company shall give to the holders of
capital stock of the Company.

        (ix) In any case in which the provisions of this Section 5 shall require
that an adjustment shall become effective immediately after a record date for an
event, the Company may defer until the occurrence of such event issuing to the
Holder of all or any part of this Warrant which is exercised after such record
date and before the occurrence of such event the additional shares of capital
stock issuable upon such exercise by reason of the adjustment required by such
event over and above the shares of capital stock issuable upon such exercise
before giving effect to such adjustment exercise; provided, however, that the
Company shall deliver to such Holder a due bill or other appropriate instrument
evidencing such Holder's right to receive such additional shares upon the
occurrence of the event requiring such adjustment.



                                      -5-
<PAGE>   6

SECTION 6. OWNERSHIP.

        6.1. OWNERSHIP OF THIS WARRANT. The Company may deem and treat the
person in whose name this Warrant is registered as the holder and owner hereof
(notwithstanding any notations of ownership or writing hereon made by anyone
other than the Company) for all purposes and shall not be affected by any notice
to the contrary until presentation of this Warrant for registration of transfer
as provided in this Section 6.

        6.2. TRANSFER AND REPLACEMENT. This Warrant and all rights hereunder are
transferable in whole or in part upon the books of the Company by the Holder
hereof in person or by duly authorized attorney, and a new Warrant or Warrants,
of the same tenor as this Warrant but registered in the name of the transferee
or transferees (and in the name of the Holder, if a partial transfer is
effected) shall be made and delivered by the Company upon surrender of this
Warrant duly endorsed, at the office of the Company referred to in Section 11
hereof; provided, however, that this Warrant may not be transferred if
subsequent to such transfer there will be more than five different holders of
this Warrant or portions thereof. Upon receipt by the Company of evidence
reasonably satisfactory to it of the loss, theft or destruction, and, in such
case, of indemnity or security reasonably satisfactory to it, and upon surrender
of this Warrant if mutilated, the Company will make and deliver a new Warrant of
like tenor, in lieu of this Warrant; provided that if the Holder hereof is an
instrumentality of a state or local government or an institutional holder or a
nominee for such an instrumentality or institutional holder an irrevocable
agreement of indemnity by such Holder shall be sufficient for all purposes of
this Section 6, and no evidence of loss or theft or destruction shall be
necessary. This Warrant shall be promptly cancelled by the Company upon the
surrender hereof in connection with any transfer or replacement. Except as
otherwise provided above, in the case of the loss, theft or destruction of a
Warrant, the Company shall pay all expenses, taxes and other charges payable in
connection with any transfer or replacement of this Warrant, other than stock
transfer taxes (if any) payable in connection with a transfer of this Warrant,
which shall be payable by the Holder. Holder will not transfer this Warrant and
the rights hereunder except in compliance with federal and state securities
laws.

SECTION 7. NOTICE OF MERGER, CONSOLIDATION, SALE, DISSOLUTION OR LIQUIDATION. In
case of any proposed consolidation or merger of the Company with another entity,
or the proposed sale of all or substantially all of its assets to another person
or entity, or any proposed distribution of the assets of the Company in
dissolution or liquidation, the Company shall give notice thereof to the Holder
hereof and shall not consummate any such transaction until the expiration of
fifteen (15) business days from the date of mailing of the aforesaid notice and,
in any case, the Holder hereof may exercise this Warrant within fifteen (15)
business days from the date of the receipt of such notice, and all rights herein
granted not so exercised within such period shall thereafter become null and
void.

SECTION 8. NOTICE OF EXTRAORDINARY DIVIDENDS. If the Board of Directors of the
Company shall declare any dividend or other distribution on its Series E
Preferred Stock except out of earned surplus or by way of a stock dividend
payable in shares of its Series E Preferred Stock, the Company shall mail notice
thereof to the Holder hereof not less than fifteen (15) business days prior to
the record date fixed for determining shareholders entitled to participate in
such dividend or other distribution, and the Holder hereof shall not participate
in such dividend or other distribution unless this Warrant is exercised prior to
such record date.



                                      -6-
<PAGE>   7

SECTION 9. FRACTIONAL SHARES. Fractional shares shall not be issued upon the
exercise of this Warrant but in any case where the Holder would, except for the
provisions of this Section 9, be entitled under the terms hereof to receive a
fractional share upon the complete exercise of this Warrant, the Company shall,
upon the exercise of this Warrant for the largest number of whole shares then
called for, pay a sum in cash equal to the excess of the value of such
fractional share (determined in such reasonable manner as may be prescribed in
good faith by the Board of Directors of the Company) over the Warrant Price for
such fractional share.



                                      -7-
<PAGE>   8

SECTION 10. SPECIAL ARRANGEMENTS OF THE COMPANY. The Company covenants and
agrees that during the Term of this Warrant, unless otherwise approved by the
Holder of this Warrant, the Company will reserve and set apart and have
available for issuance at all times, free from preemptive or other preferential
rights, the number of shares of authorized but unissued Series E Preferred Stock
deliverable upon the exercise of this Warrant.

SECTION 11. NOTICES. Any notice or other document required or permitted to be
given or delivered to the Holder shall be delivered at, or sent by certified or
registered mail to, the Holder at Transamerica Technology Finance Division, 76
Batterson Park Road, Farmington, Connecticut 06032, Attention: Assistant Vice
President, Lease Administration, with a copy to the Lender at Riverway II, West
Office Tower, 9399 West Higgins Road, Rosemont, Illinois 60018, Attention: Legal
Department or to such other address as shall have been furnished to the Company
in writing by the Holder. Any notice or other document required or permitted to
be given or delivered to the Company shall be delivered at, or sent by certified
or registered mail to, the Company at Vixel Corporation, 325 Interlocken
Parkway, Building A, Broomfield, CO 80021, Attention: Chief Financial Officer or
to such other address as shall have been furnished in writing to the Holder by
the Company. Any notice so addressed and mailed by registered or certified mail
shall be deemed to be given when so mailed. Any notice so addressed and
otherwise delivered shall be deemed to be given when actually received by the
addressee.

SECTION 12. NO RIGHTS AS STOCKHOLDER; LIMITATION OF LIABILITY. This Warrant
shall not entitle the Holder to any of the rights of a shareholder of the
Company. No provision hereof, in the absence of affirmative action by the Holder
to purchase shares of Series E Preferred Stock, and no mere enumeration herein
of the rights or privileges of the Holder, shall give rise to any liability of
the Holder for the Warrant Price hereunder or as a shareholder of the Company,
whether such liability is asserted by the Company or by creditors of the
Company.

SECTION 13. LAW GOVERNING. THE VALIDITY, INTERPRETATION, AND ENFORCEMENT OF THIS
WARRANT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF COLORADO WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES
THEREOF.

SECTION 14. MISCELLANEOUS.

                (a) This Warrant and any provision hereof may be changed,
waived, discharged or terminated only by an instrument in writing signed by the
party (or any predecessor in interest thereof) against which enforcement of the
same is sought. The headings in this Warrant are for purposes of reference only
and shall not affect the meaning or construction of any of the provisions hereof

                (b) All capitalized terms used herein and not otherwise defined
herein shall have the meanings ascribed to them in the Financing Agreement.

        IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by
its duly authorized officer this 23rd day of May, 1997.

                                            VIXEL CORPORATION



<PAGE>   9

                                            By:   /s/ Mark Harrington
                                               ---------------------------------
                                            Title: Chief Financial Officer
                                                  ------------------------------



                                      -9-
<PAGE>   10

                           FORM OF NOTICE OF EXERCISE

                [TO BE SIGNED ONLY UPON EXERCISE OF THE WARRANT]

                     TO BE EXECUTED BY THE REGISTERED HOLDER
                         TO EXERCISE THE WITHIN WARRANT


        The undersigned hereby exercises the right to purchase _________ shares
of Series E Preferred Stock which the undersigned is entitled to purchase by the
terms of the within Warrant according to the conditions thereof, and herewith

[check one]
                                    [ ]   makes payment of $_______ therefor; or

                                    [ ]   directs the Company to issue ______
                                          shares, and to withhold ____ shares
                                          in lieu of payment of the Warrant
                                          Price, as described in Section 2.1
                                          of the Warrant.

All shares to be issued pursuant hereto shall be issued in the name of and the
initial address of such person to be entered on the books of the Company shall
be:



        The shares are to be issued in certificates of the following
denominations:




                                            ------------------------------------
                                            [Type Name of Holder]


                                            By:
                                               ---------------------------------

                                            Title:
                                                  ------------------------------


Dated:
      ----------------------------



<PAGE>   11

                               FORM OF ASSIGNMENT
                                    (ENTIRE)

               [TO BE SIGNED ONLY UPON TRANSFER OF ENTIRE WARRANT]

                     TO BE EXECUTED BY THE REGISTERED HOLDER
                         TO TRANSFER THE WITHIN WARRANT

        FOR VALUE RECEIVED ___________________________ hereby sells, assigns and
transfers unto _______________________________ all rights of the undersigned
under and pursuant to the within Warrant, and the undersigned does hereby
irrevocably constitute and appoint _______________________________ Attorney to
transfer the said Warrant on the books of the Company, with full power of
substitution.



                                            ------------------------------------
                                            [Type Name of Holder]


                                            By:
                                               ---------------------------------

                                            Title:
                                                  ------------------------------


Dated:
      ----------------------------

NOTICE

        The signature to the foregoing Assignment must correspond to the name as
written upon the face of the within Warrant in every particular, without
alteration or enlargement or any change whatsoever.



                                      -11-
<PAGE>   12

                               FORM OF ASSIGNMENT
                                    (PARTIAL)

              [TO BE SIGNED ONLY UPON PARTIAL TRANSFER OF WARRANT]

                     TO BE EXECUTED BY THE REGISTERED HOLDER
                         TO TRANSFER THE WITHIN WARRANT

        FOR VALUE RECEIVED _________________________ hereby sells, assigns and
transfers unto _______________________________ (i) the rights of the undersigned
to purchase ___ shares of Series E Preferred Stock under and pursuant to the
within Warrant, and (ii) on a non-exclusive basis, all other rights of the
undersigned under and pursuant to the within Warrant, it being understood that
the undersigned shall retain, severally (and not jointly) with the transferee(s)
named herein, all rights assigned on such non-exclusive basis. The undersigned
does hereby irrevocably constitute and appoint __________________________
Attorney to transfer the said Warrant on the books of the Company, with full
power of substitution.



                                            ------------------------------------
                                            [Type Name of Holder]


                                            By:
                                               ---------------------------------

                                            Title:
                                                  ------------------------------


Dated:
      ----------------------------


NOTICE

        The signature to the foregoing Assignment must correspond to the name as
written  upon the  face of the  within  Warrant  in  every  particular,  without
alteration or enlargement or any change whatsoever.



                                      -12-