Pour the rice in a fine mesh strainer and rinse it well to help remove some of the surface starch. (This helps prevent a "gummy" rice texture later.)
Pour the rinsed rice into the bottom of the Instant Pot and add in 1 cup of water. Stir well, then secure the lid. Move the steam release valve to "Sealing."
Press the Manual or Pressure Cook button (this will vary by machine) and cook at high pressure for 4 minutes. It will take 7-10 minutes for the pot to come to pressure, so the machine will just read "On" until then.
When the cooking cycle is complete, let the pressure naturally release for 10 minutes. When the screen reads LO:10, move the steam release valve to "Venting" to release any remaining pressure. When the floating valve in the lid drops, it's safe to open the lid.
Fluff the rice with a fork, and serve warm. Leftover rice can be kept in an airtight container in the fridge for up to a week.
Video
Notes
If you want to prevent foaming in the Instant Pot, particularly if you are making a large batch of rice, you can add a teaspoon of oil to the pot, when you add the dry rice and water. Feel free to double or triple this recipe to make the amount of rice you need (1 dry cup = 3 cooked cups), but don't fill the pot more than halfway full. See my full post above for more details.