In a small cup, stir the instant espresso powder with the hot water until completely dissolved. Set aside and allow to cool completely before using.
Using a hand mixer or a stand mixer fitted with the whisk attachment, beat the heavy cream until it starts to thicken and stiff peaks form. Fold in the espresso, sweetened condensed milk, and chocolate chips.
Pour the mixture into a loaf pan. Cover and freeze for at least 6 hours.