Cluster algebras and category O for representations of Borel subalgebras of quantum affine algebras

Let $\mathcal{O}$ be the category of representations of the Borel subalgebra of a quantum affine algebra introduced by Jimbo and the first author. We show that the Grothendieck ring of a certain monoidal subcategory of $\mathcal{O}$ has the structure of a cluster algebra of infinite rank, with an initial seed consisting of prefundamental representations. In particular, the celebrated Baxter relations for the 6-vertex model get interpreted as Fomin-Zelevinsky mutation relations.