The m5.16xlarge is a general-purpose AWS EC2 instance: 64 vCPU and 256 GiB of memory, 4.00 GiB per vCPU. In the name, "m" is the general-purpose line, "5" is the generation and "16xlarge" is the size within the m5 family. It runs on Intel Xeon Platinum 8175 at 3.1 GHz, and AWS introduced it in June 2019. AWS has since shipped m6i, m7i, m8i and m9g; m6i.16xlarge is the direct replacement at this size, scoring 1,069,742 CoreMark/s against this instance's 936,266 — roughly 14% more throughput for the same vCPU count. No single Spot node covers 64 vCPU and 256 GiB, so the equivalent is a fleet: 4 × gp.vs1.2xlarge, 64 vCPU and 256 GiB in total, about 95% below the US East (N. Virginia) on-demand rate. Spot delivers compute as managed Kubernetes, so a node pool of that size is the native shape of the answer rather than a workaround — provided the workload scales horizontally.
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m5.16xlarge gives you 64 vCPU and 256 GiB in a single machine. The largest comparable Spot node, gp.vs1.2xlarge, is 16 vCPU and 64 GiB, so the equivalent here is 4 nodes rather than one.
Spot runs as managed Kubernetes, so a 4-node pool is the normal way to run things rather than a workaround. If your workload already sits behind a load balancer, a queue or a scheduler, it spreads across them without changes. If it needs all 64 cores and 256 GiB in one process, it does not.