Hi Joseph- Julianne from Mixpanel Support here!
If you exceed the 1 million event limit on the Free Plan in a month, your access to Mixpanel reports will be temporarily blocked for the rest of that month. However, your data will continue to be ingested and will be accessible once a new month begins or if you upgrade to a paid plan.
If you're on the latest Growth plan, which includes the first 1 million events for free, each additional event ingested over 1 million would be charged at an additional data rate. You would receive emails and warnings before this happens.
Let me know if you have any questions!