In a large bowl, prepare the cake mix according to the package directions. Mix just until combined — do not overmix.
Generously spray a 7-inch Bundt pan with non-stick cooking spray, including the center tube. For extra insurance, lightly dust with flour.
Pour batter into the prepared pan, filling no more than 2/3 full.
Add 1 cup of water to the Instant Pot inner pot. Place the trivet inside.
Make a foil sling by folding an 18-inch piece of foil into thirds lengthwise. Place the cake pan in the center of the sling.
Loosely cover the top of the cake pan with a separate piece of aluminum foil.
Using the foil sling, carefully lower the cake pan onto the trivet. Fold the sling ends over the top.
Lock the lid and set the valve to SEALING. Cook on HIGH PRESSURE for 35 minutes.
When cooking ends, allow a natural pressure release for 10 minutes, then carefully switch the valve to VENTING to release remaining pressure.
Remove lid, use the foil sling to lift out the cake pan, and place on a wire rack. Cool for at least 20–30 minutes.
Flip cake onto a serving plate, frost as desired, and enjoy!