Navigate to the Storage Page: Go to Reports > Storage to view your current storage usage and limits. Purchase Additional Storage: Under the Office 365 category find "Office 365 Extra File Storage" and select Details. Enter the amount of storage you need (in gigabytes) choose your subscription length and billing frequency and then select Buy 1.
https://answers.microsoft.com/en-us/msoffice/forum/all/explanation-of-microsoft-365-tenant/6ded84cd-4c1a-4156-9762-785304b6630c
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