The ONLY attribute that limits the size of an organism is the ratio of surface area to volume. This is true for all organisms and many to most biological phenomena (hint: in bio classes the answer is almost always surface area). As the volume of a cell, organ, organism increases, it becomes ever more difficult to transport necessary nutrients through the given volume, and remove metabolic wastes. So, as an animal increases in size, the delivery of vital nutrients becomes more difficult. At the cellular level, simple osmosis tends to be enough to get nutrients to and throughout the cell, while at the organismal level, modifications, such as blood and lymph vessels become necessary.
Terrestrial Animals are even more limited by gravity since many animals must also carry around their entire mass, a task considerably more difficult than floating in the water. So technically, there is no upper limit for the size of an organism (there are mats of fungal hyphae that extend for acres in area), so long as said organism can effectively obtain, deliver and remove nutrients and metabolic waste. Someone brought up the point of buoyancy, but remember that buoyancy is mostly determined by an animal's average density, which doesn't necessarily change as your increase total mass, hell even saturn is technically buoyant enough to float in water.