With fine bubble aeration 9 mg O2 per liter water can be dissolved, with a water temperature of 20 degrees Celsius. The water temperature determines how much O2 can be solved as shown in the following table:
Outside air roughly consists of 20% oxygen and 78% nitrogen and 2% other gases. If one would use pure oxygen and take out the other gases, then the saturation is about 45 mg O2 per liter water.