Preheat the oven to 325°F. Coat a 10- or 12-cup bundt pan with baking spray and set aside.
In a medium bowl, stir 1 tablespoon instant coffee granules into 1/4 cup hot water until dissolved. Stir in 1 1/3 cups buttermilk and 8 oz melted (and lightly cooled) chocolate. Set this mixture aside.
In the bowl of a stand mixer fitted with the paddle attachment, beat 1 1/2 cups room-temperature butter, 2 cups granulated sugar, and 1/2 cup brown sugar on medium speed until light and fluffy, about 4–5 minutes. Scrape the sides and bottom of the bowl once or twice.
With the mixer on low-medium, add 5 large eggs one at a time, mixing each just until incorporated. Stop to scrape the sides and bottom of the bowl as needed.
Add 1 tablespoon vanilla extract, 1 teaspoon kosher salt, 1 teaspoon baking powder, and 3/4 cup unsweetened cocoa powder. Mix on low speed just until combined and the batter is smooth, scraping the bowl as needed.
Reduce the mixer to low speed. Add 2 cups all-purpose flour and the reserved chocolate-buttermilk mixture in alternating additions, beginning and ending with the flour. Mix each addition just until incorporated; do not overmix. Stop to scrape the sides and bottom of the bowl as needed.
Using a rubber spatula, fold in 1 cup chocolate chips until evenly distributed.
Pour the batter into the prepared bundt pan and smooth the top. Bake 60–70 minutes, or until a toothpick inserted into the center comes out clean or with just a few crumbs (not raw batter).
Remove the cake from the oven and let it cool in the pan on a wire rack for 15–20 minutes. Run a butter knife around the sides to loosen the cake, invert the pan onto the wire rack, and remove the pan. Let the cake cool completely.
Once cooled, dust with powdered sugar or top with chocolate ganache, then slice and serve.