Of course as one of the few sub 2:02 runners ever, Kiptum's prospects at breaking 2 are far better than most humans. That does not mean that it is a probable outcome. The majority of super-quick debutantes never really reach that level again, so that's the first thing to look out for - it's possible that Kiptum will already show frailty and inconsistency in London, and then quickly recede from relevance.
If on the other hand he has a good showing in London, we can begin operating under the assumption that he will a nontrivial career, and may have a shot at lowering his personal best. Even in that case, dropping two minutes off a time already that quick is astronomically difficult and unlikely. Eliud's 2:01:09 seems to show that something in the neighborhood of 2:00:30-50 is humanly possible, and so it is possible that Kiptum has something like that level of talent. Still, I wouldn't hold my breath for him to break 2:01, let alone 2:00. I won't break out exhaustive stats now, but you've got to remember that a good many sub 2:04 runners only ever do it once. PRing at this level is not a common occurrence, unless you're Eliud Kipchoge. Kiptum would do well to run sub 2:03 or even sub 2:04 ever again...
All time runners with 2 or more sub 2:04 performances:
Wilson Kipsang (2:03:58, 2:03:42, 2:03:23, 2:03:13)
Kenenisa Bekele (2:03:03, 2:01:41)
Emannuel Mutai (2:03:52, 2:03:13)
Dennis Kimetto (2:03:45, 2:02:57)
Tamirat Tola (2:03:39, 2:03:40)
Amos Kipruto (2:03:30, 2:03:13)
Birhanu Legesse (2:03:16, 2:02:48)
Eliud Kipchoge (2:03:32, 2:03:05, 2:02:40, 2:02:37, 2:01:39, 2:01:09)
That's Eliud with 6, Wilson with 4, and 6 other runners with 2 each. The total number of sub 2:04 performances ever is 42 = 6 + 4 + 2*6 + 1*20. Of the 28 sub 2:04 performers all time, 20 managed it just once, 6 twice. Now Tola, Kipruto, Kipchoge, and perhaps Legesse are still active with good to non-zero chances of getting more sub 2:04 performances. Many of the other sub 2:04 runners are of course relatively recent and still active, so thinks will inevitably shift. Still, no matter how you slice it, running under 2:04 even just twice puts you in the company of eight or so.
And notice how the list would change if we tightened it to sub 2:03: only one man has ever managed that more than once.