For SharePoint Online, the default assigned storage is currently 10 GB + 500 MB per licensed user, and the maximum file size for uploads are 2 GB per file. But Microsoft have announced plans to raise these limits significantly ! As announced in the official Office 365 Roadmap, Microsoft will raise the default storage limit in SharePoint Online to 1 TB + 500 MB per user, and raise the maximum upload file size to 10 GB per file.