It is limited by the number of instance restrictions in your account and region. By default, you have a limit of 20 instances / region. You can run all instances on a public subnet using auto-assign-public-ip and use 20 public IP addresses.
For example, you requested an instance limit extension of 200 with justification and, if approved, you can use up to 200 public IP addresses / regions.
To view your limit: View current limits
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