I have created 26 races so far. Some I made up from posts of pictures/logos on this forum, some from the contest submissions, and so forth. It is so funny to play against the Angry Joe Army --- that was from Frogboy's post.
Still need more though. Calculating the number of hexes (I posted that somewhere) per galaxy size and about how many factions I would like per hexes I estimate I should have about 60 factions going on insane to have a decent game. I am talking default settings otherwise except for occasional minors.