Place cashews in a bowl and cover with water. Allow to soak 8 hours to overnight.

Preheat the oven to 400 degrees F (200 degrees C).

Drain cashews and place in a food processor. Add mayonnaise, coconut milk, and water. Blend until smooth, 1 to 2 minutes. Transfer the mixture to a large bowl and add spinach, artichoke hearts, onion, garlic, salt, pepper, and paprika. Mix thoroughly and transfer to an oven-safe baking dish.

Bake in the preheated oven until hot and bubbly, about 20 minutes.