Fluids in natural systems, like the cytoplasm of a cell, often contain thousands of molecular species that are organized into multiple coexisting phases that enable diverse and specific functions. How interactions between numerous molecular species encode for various emergent phases is not well understood. Here we leverage approaches from random matrix theory and statistical physics to describe the emergent phase behavior of fluid mixtures with many species whose interactions are drawn randomly from an underlying distribution. Through numerical simulation and stability analyses, we show that these mixtures exhibit staged phase separation kinetics and are characterized by multiple coexisting phases at equilibrium with distinct compositions. Random-matrix theory predicts the number of existing phases at equilibrium, validated by simulations with diverse component numbers and interaction parameters. Surprisingly, this model predicts an upper bound on the number of phases, derived from dynamical considerations, that is much lower than the limit from the Gibbs phase rule, which is obtained from equilibrium thermodynamic constraints. Using a biophysically motivated model of pairwise interactions between components, we design ensembles that encode either linear or non-monotonic scaling relationships between number of components and co-existing phases, which we validate through simulation and theory. Finally, inspired by parallels in biological systems, we show that including non-equilibrium turnover of components through chemical reactions can tunably modulate the number of co-existing phases at steady-state without changing overall fluid composition. Together, our study provides a model framework that describes the emergent dynamical and steady-state phase behavior of liquid-like mixtures with many interacting constituents.