Pour cold water into the Instant Pot. Set steam rack or egg rack in the Instant Pot. Add eggs.
Close the lid and lock. Switch valve to sealing.
Select MANUAL mode (high pressure) for 5 minutes. Let the pressure release naturally for 5 minutes, then release manually or by a quick release by switching the valve to venting.
Carefully open the lid once the float valve drops. Remove the eggs and place in an ice bath for 5-8 minutes before removing the shells.
Notes
Eggs keep fresh in the refrigerator for up to 1 week.