Preheat the oven to 325°F and position a rack in the center of the oven. Grease a 10- or 12-cup bundt pan with butter and lightly flour it, tapping out any excess flour. Set the pan aside.
In a medium bowl, dissolve 1 tablespoon instant coffee granules in 1/4 cup hot water, stirring until dissolved.
Stir 1 1/3 cups buttermilk and 8 oz melted (and lightly cooled) chocolate into the dissolved coffee mixture. Set this liquid 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 down the sides and bottom of the bowl as needed.
With the mixer on medium-low, add 5 large room-temperature eggs one at a time, mixing until just combined after each egg. Stop and scrape the bowl between additions.
Add 1 tablespoon vanilla extract and mix briefly to combine.
In a separate medium bowl, whisk together 2 cups all-purpose flour, 3/4 cup unsweetened cocoa powder, 1 teaspoon baking powder, and 1 teaspoon kosher salt.
With the mixer on low speed, add the flour mixture and the buttermilk-coffee-chocolate mixture to the butter mixture in alternating additions, beginning and ending with the flour mixture (about 3–4 additions total). Mix only until each addition is incorporated; stop to scrape the bowl a few times and do not overmix.
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 in the preheated oven for 60–70 minutes, or until a toothpick inserted into the center comes out clean or with just a few moist crumbs (not raw batter).
Remove the cake from the oven and cool in the pan on a wire rack for 15–20 minutes. Run a butter knife around the edges to loosen the cake, invert the pan onto the rack, and remove the pan. Let the cake cool completely on the rack.
Once the cake is completely cooled, dust with powdered sugar or top with chocolate ganache before serving.