Options (Query Results/SQL Server/Results to Grid Page)
To change the options for the current queries, click Query Options on the Query menu, or right-click in the SQL Server Query window and select Query Options.
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Maximum Characters Retrieved
Enter a number from 1 through 65535 to specify the maximum number of characters that will be displayed in each cell.
Maximum is, as you see, 64k. The default is much smaller.
BTW Results to Text has even more drastic limitation:
Maximum number of characters displayed in each column
This value defaults to 256. Increase this value to display larger result sets without truncation. The maximum value is 8,192.