https://docs.splunk.com/Documentation/SplunkCloud/latest/Service/SplunkCloudservice#Splunk_Cloud_service_limits_and_constraints
I believe this implies that Splunk Cloud is running on a 32 core host(max_searches_per_cpu) + 6(base_max_searches) searches coming to a total of 38 concurrent searches per search head. You may also be eligible for a search cluster in Splunk Cloud at volumes of 1TB/day and higher (Check with your sales rep). Once on a search cluster which requires a minimum of 3 nodes, you should be able to run 3 x (38) or a total of 114 concurrent searches.
By default Splunk cloud max_searches_perc will only let the scheduler use up to half of the 38 searches (19). You may be able to adjust that percentage upward if have fewer adhoc search users and wish to give the scheduler the ability to run more concurrent searches or lower the value to leave more adhoc searches for users.
max_searches_perc = <integer>
* The maximum number of searches the scheduler can run, as a percentage of the
maximum number of concurrent searches, see [search] max_searches_per_cpu for
how to set the system wide maximum number of searches.
* Default: 50
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