For nitpicking physicists, the baxic equation is more like
dM/dT.dV2/dT/2 = dM'/dT.dV'2/dT/2 (half the vectorial product of differential of mass by differential of velocity squared, in relation to time), but we are not here to discourage young aviators from learning about what they are doing, no?
One can notice that dV2/T is dV.V/T, and V/T is an acceleration. In space, as long as there is thrust, there is acceleration, and the velocity increases indefinitely, until reaching the speed of light, at which point the mass is totally transformed in energy. Inside the planet, the acceleration stops when counteracted by the drag of water (boats, subs) or gas (aircraft), and the velocity becomes constant for a constant amount of thrust.