Slice the steak into thin strips.
In a small bowl, combine soy sauce, water, oil, sugar, ginger, and garlic. Pour into Instant Pot. Add beef strips and shredded carrot, mix until well coated.
Cook on high pressure for 8 minutes. After that time, let the beef cool for 10 minutes before releasing pressure.
In a small bowl, whisk water and cornstarch until the mixture is smooth.
Turn on the IP sauté button and pour the cornstarch mixture into the sauce. Boil until the sauce thickens, about 2 minutes.
To serve, top with sliced green onions.