Add noodles, butter, water, ground mustard, red pepper flakes, salt, and pepper to the Instant Pot. Close lid and cook and manual, high pressure for 4 minutes.
16 ounces elbow noodles, 4 tablespoons unsalted butter, 4 cups water, 1 teaspoon ground mustard, 1 teaspoon kosher salt, ¼ teaspoon red pepper flakes, ½ teaspoon ground black pepper
Open valve for quick release. Remove lid.
Add the cheeses and evaporated milk. Stir to combine and until cheeses are melted.
1 cup evaporated milk, 8 ounces yellow cheddar cheese, 8 ounces white cheddar cheese, 4 ounces Parmesan cheese
Add the bacon and jalapenos and stir to combine.
4 bacon, ¼ cup pickled jalapenos
Garnish with additional bacon and jalapenos if desired.
Serve immediately.
Store any remaining mac and cheese in an airtight container in the refrigerator for up to 3 days.
Notes
*Cooking bacon is NOT included in the total cook time. Bacon can be cooked while the noodles are cooking.