There are different protocols specified for IR transmissions:
- IrDA - master-to-multiple-slaves, directly amplitude modulated IR with RZ coded 8N1 asynchronous serial port frames frames (which is directly supported by reasonably modern UARTs) with HDLC-like protocol suite on top. This supports standard serial port speeds up to 115k2 and has extensions with different modulation schemes that go up to 512Mbps, with 4Mbps variant being generally supported by most PC hardware. It serves mostly same purpose as bluetooth, protocol stack is largely similar and for long time it was in practice significantly faster than bluetooth.
- Above mentioned 802.11 IR Physical layer - IIRC something like 1 or 10 Mbps, protocols same as for 802.11, there probably were no commercially successful implementations.
- Various standard, "standard" and completely proprietary protocols for remote controls. Hundreds to thousands bps, typically using few tens of kHz carrier wave that gets modulated on to the IR.
https://en.wikipedia.org/wiki/Nyquist%E2%80%93Shannon_sampli...
IR has a frequency of between 430THz and 300GHz, so Max bandwidth would be between 215Tsymbols and 150Gsymbols (I used symbols instead of bits because I forgot the right term...)
So there is an information-theory limit, as I understand it. If I was ever wrong, this is the right crowd to find the person who will correct me!
And, ignoring other physical or 'current technology' limits, you can put as many bits in each symbol as you like.