The storage limits in Office 365 are skyrocketing, with unlimited storage already available in OneDrive for Business and a minimal fee to get unlimited storage in Exchange Online.
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.
Note that the increased file size for uploads will also applies to OneDrive for Business.