Combine butter and brown sugar in a large bowl. Using an electric mixer or stand mixer, beat until creamy.
Add molasses and continue to stir until well combined.
Add egg and vanilla extract to the mixture and stir well.
In a separate bowl, whisk together flour, baking soda, ground cinnamon, ground ginger, ground cloves, and salt.
Slowly add the dry ingredients to wet until completely combined. I like to do this by mixing a ½ cup of dry ingredients to the wet at a time.
Stir in boiling water until ingredients are smooth and well-combined. Pour mixture into bundt pan and smooth it out so batter is level.
Loosely cover the pan with a piece of paper towel and then a piece of aluminum foil.
Place trivet into the Instant Pot and add 1.5 cups of water. Place cake pan on Trivet.
Close lid and set to the sealing position. Cook at manual high pressure for 60 minutes. If you have a newer Instant Pot model you will need to push the pressure cook button.
When the timer is up allow for a 10 minute natural pressure release. Allow cake to cool in pan.