Microsoft 365 features that help users manage their subscriptions, account settings, and billing information.
Hello Angshuk,
The maximum number of a distribution list/group member is 100,000 members, and the recipient rate limit is 10,000 recipients per day.
Consideration your situation, if you need to send messages to 150k+ users, please split them to different parts and create several different distribution lists for those users, as for the purposes of the recipient rate limit and the recipient limit, a distribution group that is stored in the organization's shared address book counts as one recipient. Under this circumstance, you can send to several distribution lists(150+ members in total) at the same time.
Here is the document for your reference: Exchange Online limits
Regards,
Rick