You really need to factor in the capacitance to the I2C devices. If you a 0pf on the bus and 127 devices, that would only allow 3 pf per device.There is nothing to calculate. i2c is a standard, it is not a math/logic/life problem. You, the designer, adhere to the standard.
From wiki:
"The maximal number of nodes is limited by the address space and also by the total bus capacitance of 400 pF, which restricts practical communication distances to a few meters."
So the obvious restrictions is the address space and capacitance of the bus.
https://en.wikipedia.org/wiki/I²C#Reference_design
If you use the very basic i2c, that has 7 bit addresses for slaves and a master, you are looking at 2^7=128 devices total, 1 address for master and the rest of 127 addresses for slaves.
Then you start looking at the capacitance of the bus. You can probably do rough calculation.
Trobleshooting i2c 101 brought to you by AmpHour: https://theamphour.com/396-the-synergy-bus/
When having trouble with i2c, decrease pull up resistors.
mishra doesYou really need to factor in the capacitance to the I2C devices. If you a 0pf on the bus and 127 devices, that would only allow 3 pf per device.