Cooking lobster in the Instant Pot is quick and as tasty as when it is boiled.

Put the steamer rack in the inner pot and add the water and salt.
Kill the lobsters by inserting a knife deeply into the lobster's head (see the small white line on the lobster on the photo which shows where to insert the knife). The lobster dies instantly.
Remove the rubber bands and immediately put the lobsters in the Instant Pot.
Secure lid with the steam pressure release button in the pressure position. Select "pressure or manual", set 4 minutes to "high with keep warm at off". Press "start". The appliance will take approximately 5 minutes before starting to cook.
When the end of cooking alarm sounds, release the pressure immediately, remove the lid and take out the lobsters.