Start by peeling and removing the seeds from the butternut squash. Cut into large chunks. Then roughly dice the onion.
Add the stainless steel pot to the Instant Pot and place the butternut squash and onion in the pot.
Pour in the water and then the coconut milk. Add the red curry paste on top. Do not stir.
Seal the lid and close the steam release valve. Press the “Pressure Cooker” button until it’s on “Normal.” Press the “Pressure Level” button until it’s on “High” and then press the +/- buttons until it says “00:10” (for ten minutes). The Instant Pot will say “On” while it’s coming up to pressure and will then start counting down.
When the time is up, allow the pressure to naturally release for 10 minutes (do nothing, just let it sit), and then open the steam release valve to quick release the rest of the pressure.
Press “Cancel” to turn off the Instant Pot. When the pressure is fully released and the float valve is down, open the Instant Pot lid.
Using an immersion blender, puree the soup until creamy. If you don’t have an immersion blender, allow the soup to cool, then carefully transfer into a blender and blend until smooth.
Add salt to taste and stir in well.