It is possible to go 35 knots or more on boards that were not made with that in mind, but conditions must be out of the ordinary as well:
A small wave board, a flat..ish speed strip, a 3.7m wave sail, 30-35 knots of manic wind and a BIG bear-away. Peak speed 40 knots! Been done.....
A big 115L wave board, a big strong sailor who has been 50 knots and knows what it is about, a flat speed strip, 30+ knots of wind, Smallish speed or freeride sail, a BIG bear-away, well over 40 knots! Been done....
A old guy doing a one hour on a 90 lit slalom board with a 5.8m Slalom sail and 30cm fin. Just cruising up and down at Sandy Point. Just started down the speed strip when...WHAM... a 35 knot squall slams down the course. All the poor guy can do is hang on and hope he doesn't get flattened. Further and further off the wind. Faster and faster. Water still flat because the wind just arrived a minute ago. Right around to 130 degrees off the wind and more until he finally gets behind the sand dunes out of the wind and can bail out. GPS shows peak of over 41 knots! Been done....
The moral of this story:
Ya just gotta be in the right place at the right time!