Drain soaked basmati rice completely. Take the rice, water, and salt to taste in stainless steel or small pot container for instant pot. Cover it. Keep it aside.
In a bowl, take peanut butter, tomato paste, sriracha sauce, salt, cayenne peppers, and water. Mix everything well and keep it aside.
On Saute function, add oil to the inner pot of Instant Pot to heat up. Stir in onions, garlic, ginger, serrano peppers and saute for few seconds.
Add sweet potatoes and spinach. Add vegetable broth and deglaze the pot. Stir to remove any brown bits. There should be nothing stuck at the bottom.