Peel and core the apples. Cut each apple into roughly eight large chunks.
In the Instant Pot, combine the apples, water, and cinnamon. Lock the lid in place.
Select Manual or Pressure Cook and set the cooker to High Pressure for 8 minutes.
When the cook time is complete, let the pressure release naturally for 10 minutes, then quick release any remaining pressure.
Carefully remove the lid and use a potato masher or heavy wooden spoon to gently mash the apples into applesauce.
Serve warm or refrigerate for up to 10 days.