Currently I think Tumblr stores all posts across all sites in one big table? WP.com does different tables per site.
I also think Tumblr's post ids are often above php's int max for 32-bit systems ( 2,147,483,647 ) -- I know I've seen some issues trying to parse tumblr's post ids to integers rather than strings on some old servers years ago.
For an overview of how our systems are run here's Barry, our head sysadmin, talking about six years ago on how the wpcom infastructure is structured:
https://www.youtube.com/watch?v=57EJ8KDDBH0
It's changed somewhat, but not much conceptually. It's a really fascinating talk and I'd encourage anyone curious on massive scale data to give it a look, and see precisely what can be managed with determination and mysql and coffee.