Turn on your Instant Pot and press the “Saute” button. Add the bacon and cook until almost crispy. Remove the bacon from the pot with a spider strainer or slotted spoon and place it in a bowl. Set aside.
Add the beef chunks in batches and cook until browned. They do not need to be thoroughly cooked, that comes later.
Remove the beef and place them in a large bowl. Continue cooking remaining beef until they are all browned. Add the flour to the beef chunks and toss to coat.
Add the wine, stock, tomato paste, and Worcestershire sauce to the pot. Add the coated beef, then the potatoes, carrots, onions, thyme, garlic, and bacon. Stir to combine.
Press the “Cancel” button. Secure the lid and make sure the pressure knob is in the “Sealing” position. Press the “Manual” button and use the – and + buttons to adjust the time to 25 minutes on High Pressure.
When the pot beeps, allow the pressure to release naturally for 15 minutes. Carefully turn the knob to release the remaining pressure and remove the lid.
For a thicker gravy: remove 4 Tablespoons of the cooking liquid and place it in a small bowl. Stir in 2 Tablespoons of cornstarch to create a slurry.
Press the “Cancel” button, then the “Saute” button. Add the slurry to the pot and stir until thoroughly combined and the gravy starts to thicken.
Ladle the Instant Pot Irish Beef Stew into bowls and garnish with chopped parsley.
If you do not want to use Guinness, substitute red wine.If you do not want to use alcohol, substitute additional beef stock.For gluten-free, substitute tapioca or arrowroot powder for the flour.