Step 1

Turn on a multi-functional pressure cooker (such as Instant Pot®) and select Saute function. Add bacon once pot is hot and cook to desired crispiness, about 5 minutes. Remove bacon and drain on paper towel lined plate. Add chicken thighs to pot and season with salt and pepper. Cook in bacon grease until each side is browned, about 2 minutes per side. Remove from pot and set aside.

Step 2

Pour in chicken broth and deglaze pot, scraping up all the browned bits. Stir in cream cheese and dry ranch dressing mix; cook until cream cheese has melted, about 3 minutes. Cancel Saute mode.

Step 3

Return bacon to pot and stir to combine. Add chicken thighs and turn until they are covered with cream cheese sauce. Close and lock the lid. Select high pressure according to manufacturer's instructions; set timer for 12 minutes. Allow 10 to 15 minutes for pressure to build.

Step 4

Release pressure carefully using the quick-release method according to manufacturer's instructions, about 5 minutes. Unlock and remove the lid. Remove chicken and keep warm.

Step 5

Select Saute function. Add drained spinach to pot and cook until warmed. Return chicken and turn until well covered with sauce and cook for 1 minute until warmed through.