What motor do you have?
A motor has to turn DC in to AC at some point, that is part of what the brushes do, in a brushless "DC" motor there is often an inverter or switch of some sort that switches the polls of the electro-magnet, that circuitry can only handle so much voltage before it burns out, so that is what is going to fail first.
As with most electronics that you want to run more power into, the limiting factor is often heat, run to much power in and at some point something will melt or burn up, with brushed motors you can run them faster as long as you keep them cool, up to the point where they rip them selves apart.
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