Theoretical maximum? Like how theoretical?
According to some random chart on the internet I found, -60 dBm is a "good, reliable signal". 1 watts of transmitted power is 30 dBm. By that logic if you surround the transmitter with receivers so that 100% of the signal is received, you can have approximately 1 billion receivers. Arranging them properly is left as an exercise for the reader
Number of receivers is not a useful metric. For the most part, individual receivers have negligible interaction--it isn't like putting an extra receiver is going to use up the signal. What designers normally care about is the communication range. If you have your FM transmitter or wifi base station, you try to determine how the signal falls off with distance. This can be just inverse-square fall off, obstructions, the curvature of the earth, or diffraction. So of this you calculate, some you determine by a site survey, and you add some design margin for variable effects. Then you determine how small of a signal a reasonable receiver can operate with. This depends on the size and design of the antenna, the noise floor of the receiver, and possible interference from other sources. You put all that together and you get a service radius. People within that radius can expect to receive your signal, those outside may not.