In a large bowl, using an electric mixer, beat sugars, vanilla, and butter until light and fluffy.
Beat in eggs, one at a time until well-combined.
Beat in coffee.
In a small bowl, whisk together the flour, cocoa powder, baking powder, and salt.
Slowly add flour mixture to the butter mixture and beat until well-combined. Scrape the sides and the bottom of the bowl from time to time.
Stir in the chocolate chips.
Spray an 8-inch springform pan with nonstick cooking spray.
Spoon the batter into the pan and smooth the top.
Cover loosely with aluminum foil. Place on a wire trivet with handles.
Pour 1 cup of water into the Instant Pot. Lower the wire trivet with the cake onto the bottom of the pot.
Lock the lid into place and point the valve to sealing.
Pressure Cook or Manual on high pressure for 30 minutes. Let sit to Naturally Release Pressure for 10 minutes. Use Quick Pressure Release to release the remaining pressure.
Serve as is or wait for the cake to cool and top with buttercream.