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Step 1
Pour 1 1/2 cups water into the Instant Pot and place trivet in pot. Coat a round 6- or 7-inch cake pan with cooking spray and set aside.
Step 2
Prepare cake batter according to package directions. Divide between two same-size bowls and pour the batter from one of the bowls into the prepared pan. Cover with foil and place pan on the trivet in the Instant Pot.
Step 3
Place the cover on the pot and set timer to 35 minutes on high pressure (cake setting). It will take the IP around 6 minutes to build up pressure before it begins cooking.
Step 4
When cooking is done, let the pressure release naturally for 10 minutes then do a quick release and allow the float valve to drop.
Step 5
Remove cover and check if cake is done by sticking a toothpick into the center. Remove pan from the Instant Pot and let cool for 5 minutes. Carefully invert the cake and remove from pan. Let cool on a wire rack. Cut rounded top off cake. Repeat process with remaining batter.
Step 6
Spread frosting over the top of one cooled cake, top with the remaining cake and remaining frosting. Cover and refrigerate until ready to cut in slices and serve!