It doesn't increase spirit, right. But it only affects regeneration from spirit. So for example, you got 300mp5, and 100 come from mp5 stat, the other 200 from spirit.
Innervate will only affect 200 mp5, get the multiplier, and then add another 100mp5.
Innervate will only affect 200 mp5, get the multiplier, and then add another 100mp5.