A theoretical model is developed for predicting the maximum flow rate of a single component, two-phase mixture. It is based upon annular flow, uniform linear velocities of each phase, and equilibrium between liquid and vapor. Flow rate is maximized with respect to local slip ratio and static pressure for known stagnation conditions. Graphs are presented giving maximum steam/water flow rates for: local static pressures between 25 and 3,000 psia, with local qualities from 0.01 to 1.00; local stagnation pressures and enthalpies which cover the range of saturation states.