The equation would still apply as it relies mainly on gravity. and the object by not in contact with any solids so in outer space yes there wont be any atmosphere but the factors that have two be present is the speed of the bullet, the gravitational force of the earth at the point of firing and the angle of firing , the time the ending speed and the displacement all relies on those three factors. In outer space only the gravitational force would change, so the equation would still be applicable.
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Thanks @omegagamerow. What happens if the gravitational force on the bullet becomes zero , due to distance from the earth?