The following command returns an error Input data is too large but I would have expected input data spread over several QR codes (output-01.png, output-02.png, etc.):

$ qrencode -t PNG -Sv 40 -r input.txt -o output.png
Input data is too large.

According to the manual: "Libqrencode can generate "Structured-appended" symbols that enables to split a large data set into mulitple QR codes."

Version tested:

$ qrencode -V
qrencode version 4.1.1
Copyright (C) 2006-2017 Kentaro Fukuchi