Add macaroni, water, butter, and cajun seasoning, to your instant pot.

Give a quick stir so that all the ingredients are combined.

Close lid and seal valve on your Instant Pot.

Set to high pressure, 6 minutes in manual mode.

When it's done, do a quick release.

Set the Instant Pot in warm mode.

Add in your milk and both of your cheeses.

Stir and mix until cheese is fully melted and is a creamy sauce.

Stir in your chopped bacon and jalapenos

ENJOY