It can be more than exhaust velocity. It it depends on 1) starting the mass of the vehicle + propellant, 2)the amount of propellant consumed when the thrust is complete, and 3) the exhaust velocity.
With modern chemical propulsion, a single stage burning its entire load of propellant reaches around twice the velocity of the exhaust. With staging, a payload can reach several times the exhaust velocities of the various rocket stages.
Hmmm...hadn’t factored in the decreasing weight of the vehicle as fuel is consumbed. Thanks for the insight.