Yes, Test Collab does support the AWS. You can easily deploy it on AWS, however since you expect to scale up soon I'd say instead of running one EC2 Instance, run 1 instance for application and another for MySQL database. If you expect database to be fairly big, then you can also look at AWS RDS.
This way you can scale both database and application instance easily.
Also, There is no limit to how many records we can serve, it depends entirely on your server.
Finally, we do provide complete support for any issues on Test Collab installation, so we have you covered from that end as well.
ps. If it helps, Test Collab has been deployed in few large scale organizations too, they're running it from years now without running into any scaling problems.