In a small bowl, whisk together the instant espresso powder and the hot water until the powder has dissolved. Allow to cool.
Add the cooled espresso mixture to the bowl of a stand mixer fitted with the whisk attachment.
Pour in the heavy whipping cream and mix on medium speed until the mixture forms stiff peaks-- about 3-5 minutes.
Next, add the coffee extract and mix to combine.
Slowly add the sweetened condensed milk and fold it gently into the whipped cream-- you don’t want to deflate the whipped cream.
Transfer the mixture to a 9x5 loaf pan and wrap it in plastic wrap. Freeze overnight, or at least 12 hours before serving.
Store tightly wrapped in the freezer for up to three weeks.