Add the onions, carrots, celery, mushrooms, garlic, parsley stems, bay leaves, and peppercorns to the Instant Pot inner pot. Frozen scraps can go in without thawing.
Pour in the cold water. Make sure the vegetables are submerged and the contents stay below the ⅔ max fill line.
Lock the lid and turn the valve to Sealing. Select Pressure Cook or Manual on high pressure and set the time to 30 minutes. The pot will take 15 to 20 minutes to come to pressure before the countdown starts.
When the cycle ends, allow a full natural release, about 15 minutes. Move the valve to Venting to release any remaining pressure, then open the lid.
Pour the stock through a fine-mesh strainer set over a large bowl, lining it with cheesecloth for a clearer result. Press only lightly on the solids. Discard the spent vegetables.
Cool to room temperature within two hours, then refrigerate for up to 4 days or freeze for up to 6 months.