For any material with density $\rho$ and ultimate tensile strength $\sigma$, the fastest tangential speed $v$ a disk or hoop (any cylindrically symmetric object) made of that material can achieve at its rim before flying apart is $$v=\sqrt{\frac{\sigma}{\rho}}.$$ For carbon fiber, with $\rho=2000~ \mathrm{kg/m^3}$ and $\sigma = 3.5~ \mathrm{GPa}$, you get $v \approx 1300~ \mathrm{m/s}$. So the surprising (to me at least) result is that with ordinary materials, the fastest you can possibly spin a disk is no faster than a rifle bullet.
With carbon nanotubes, which may be an order of magnitude stronger, you might approach 5 km/s.