First of all, your premise in 2^128 integer keys is wrong, since you mentioned you want to store IP V6 addresses. An IP V6 Address is 128 bits long. To store it as an integer you need 128/32 or 4 32-bit integers per address. So the correct estimate is 2^128 possible addresses * 4 integers for a total of 2^128 * 4 keys of 32 bit integers....
Anyway I want that in bytes so we'll just go 2^128 possible addresses * 4 integers * 4 bytes per integer = 5.44 * 10^39 bytes. After that just follow Andreas' calculation and you'll end up with more....
That being said the idea of IP V6 is that we have more addresses than we'll ever need to use. So I highly doubt anywhere near 2^128 will be assigned for many years. At most if we go to IP V6 right now, we'll have the IP V4 address space assigned and nothing else, and though the number of ip addresses increases every year, not by that much.
Anyway it seems like you don't know what you are storing since the schema is not defined so Azure table may be what you want. Mostly it is key/value. For each IP address you could store totally different properties. And it is really easy to add another property/remove another property using the update/insert/merge operations. But if you want some uniformity applied to your data than use SQL. It's true that you will have to modify the schema as changes happens, but this will enforce that every row (and hence IP address) has the same data. Otherwise it is easy to leave out "required" columns/properties or to misspell them if you have multiple applications. But it really depends what you want to do. It's more do you value data integrity or do you value the flexibility of properties? Even though a schema does need to be changed, there are commands to add/remove columns from a schema. It's more do you want every IP address to store the same properties or can each have different properties. I believe the Azure Table way probably takes less storage per address than the SQL way if you are not using most of the properties for a given IP address. So it all depends on what you are looking for.