If they are behind a NAT/ stateful firewall there is just so much connections it will handle at once. I think OpenWRT has like 16K max by default, f.ex. So for less than 16K requests by different users/IPs… each is kept for about 1 minute I think… it quickly will go down, I guess. :)
cat /proc/sys/net/netfilter/nf_conntrack_max
Should give some details.