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We generalize the Hernandez–Jimbo category O of representations of Borel subalgebras of quantum affine algebras to the case of quantum loop algebras for arbitrary Kac–Moody 𝔤 (as well as related algebras, such as quantum toroidal 𝔤𝔩1). Moreover, we give explicit realizations of all simple modules, and devise tools for the computation of q-characters that are new even for 𝔤 of finite type. Our techniques allow us to generalize classic results of Frenkel and Hernandez, Frenkel and Mukhin, Hernandez and Jimbo, and Hernandez and Leclerc, as well as prove conjectures of Feigin, Jimbo, Miwa, and Mukhin, and Mukhin and Young.