Combine rice, milk, sugar, vanilla extract, cinnamon, salt, and raisins in the Instant Pot.
Close the lid, set the valve to sealing, and cook on high pressure for 20 minutes.
Allow natural pressure release for 10 minutes, then manually release any remaining pressure.
Stir the rice pudding well before serving. Serve warm or chilled.
Notes:
You can adjust the sweetness by adding more or less sugar according to your taste. For a richer flavor, you can also use a mix of whole milk and heavy cream.