Turn on Instant Pot and start saute setting. If your Instant Pot has a high and low saute setting, use low. Wait about 2 minutes for the pot to heat up.
Add olive oil into the Instant Pot, followed by the diced onion. Cook the onions, stirring frequently, for about 2 minutes or until they begin to get translucent.
1 tbsp olive oil, 1 small onion
Add the carrots and celery. Continue to cook, stirring frequently, for another 2 minutes.
1 cup diced carrots, 1 cup diced celery
Press "off" or "cancel" to end cooking on saute mode. Stir the ground thyme, paprika, dried parsley, kosher salt, black pepper, and garlic.
4 to 5 cups peeled and diced potatoes, 3½ cups vegetable stock
Place the lid on the Instant Pot and close. Set the valve to the seal position.
Pressure cook for 7 minutes. The Instant Pot will take several minutes to come to pressure and will then cook for the 7 minutes.
After the soup has cooked for the 7 minutes, press "off" or "cancel." Let the soup sit for 2 minutes before carefully releasing the steam by moving the valve to the "vent" position.
Whisk together the evaporated milk and cornstarch. Carefully open the lid of the Instant Pot (there will be lots of steam). Stir in the cornstarch and evaporated milk mixture.
1 can evaporated milk, 4 tsp cornstarch
Let the soup sit for about 5 minutes to thicken. Stir in cheese and serve.
1 cup shredded cheddar cheese
Notes
This recipe was made in a 6 quart Instant Pot.
Nutrition information is an estimate for one serving.