Just two CDs. One with the Soviet campaign videos and the other with the Allied campaign videos. Other then that, both discs contained full copies of the game for both DOS and Windows 95 - users were encouraged to lend the other disc to a friend so you could play multiplayer.
This continued with Tiberian Sun and Red Alert 2. Generals came on two CDs but it used the “install disc” + “play disc” system rather than the “lend one to a friend” model used previously. Then CNC3 was released on a single DVD.
I have an edition of Red Alert somewhere that includes the expansions as well, which adds up to 4 CDs. It sounds big, but it's not unheard of in this era. Riven was released on 5 CDs and The 7th Guest on 7 CDs, if I remember correctly.