Peel the apples, then slice the sides of the apple off to remove the core and seeds. Cut the apples into 1-inch chunks, or slice them into ½-inch pieces to promote even cooking. (See the notes to skip the peeling process.)
Place the cut apples, water, and cinnamon in the stainless steel bowl of the Instant Pot. Secure the lid and move the steam release valve to "Sealing." Use the Manual or Pressure Cook button to cook at high pressure for 10 minutes. It will take the pot 5 to 10 minutes to pressurize, so the screen will read ON until then.
When the cooking cycle is complete, let the pressure naturally release for 10 minutes, which means you don't have to do anything until the screen reads L0:10. Then move the steam release valve to "Venting." When the floating valve in the lid drops, it's safe to remove the lid.
Use a potato masher or immersion blender to blend the applesauce until it's as smooth or as chunky as you'd like it to be. Keep in mind that it will thicken when chilled. Transfer the applesauce to a large mason jar with a lid and store in the fridge until you're ready to serve it. (It's also delicious when served warm if you'd like to enjoy it right away.) Applesauce will keep well in the fridge for up to a week.
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Notes
Nutrition information is for roughly a 1/2 cup of applesauce, assuming you get 4 cups of applesauce from this recipe. This information is automatically calculated and is just an estimate, not a guarantee.No-Peel Applesauce: If you hate peeling apples or want to enjoy the nutrition the peels contain, you can make applesauce using unpeeled apples, instead. Cook as directed above, removing the apple core and seeds. When the apples are cooked, transfer the cooked apples and liquid to a blender and blend until the peels are pulverized. The applesauce will be more of a puree in this case, but it will thicken when chilled.