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Re:Amazon QuickSight – Business Intelligence by AWS by mistermann on Thursday October 08, 2015 @12:33AM (#10350907)
With Power Pivot it's quite a bit better, this guy did 122 million rows:

http://www.microsofttrends.com/2014/02/09/how-much-data-can-...

If that's not enough you can do SSAS Tabular + DirectQuery (although to be fair, that's no longer "pure Excel", but an end user likely doesn't care):

https://msdn.microsoft.com/en-us/library/hh230898.aspx

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