Place the wire rack in the bottom of the Instant Pot. Pour in 1 cup of water.
Place the raw eggs on the rack and fit them in tightly. I can usually fit 16, but that will depend on the size of your eggs.
Close the Instant Pot, make sure the valve is closed, and hit the manual button. Reduce the time to 4 minutes and let them cook. (high pressure)
As soon as the timer goes off, hit cancel and release the pressure. Leaving them in there will result in them overcooking.
Transfer them to a large bowl (I use a serving spoon) and cover with cold water. Let cool for 5 minutes.
Peel while still warm and rinse any shell pieces off.
Use immediately or store in the fridge.