Preheat the oven to 350°F. Generously spray a standard half sheet pan (18x13in) with nonstick baking spray. Or you can line with parchment and then spray the top of the parchment and sides of the pan too. Set aside.
Whisk together the dry ingredients in a mixing bowl. Set aside.
3 1/2 cups cake flour*, spooned and leveled, 2 tsp. baking powder, 1 tsp. baking soda, 1 tsp. salt
In a stand mixer fitted with the paddle attachment, cream the butter and sugar for 3-4 minutes on medium speed. It should look light and fluffy, be sure to scrape down the sides of the bowl as needed.
1 cup unsalted butter, room temperature, 2 cups granulated sugar
Beat in the eggs, vanilla extract, and cake batter extract, followed by the sour cream.
2 tsp. vanilla extract, 2 tsp. cake batter extract, 4 large eggs, room temperature, 1/2 heaping cup full-fat sour cream, room temperature
Add half of the dry ingredients, followed by half the milk low speed.
1 cup whole milk, room temperature
Then add remaining dry ingredients and then the remaining milk and mix until combined.
Fold in the sprinkles. Do not over mix.
3/4 cup - 1 cup rainbow jimmies sprinkles, plus more for decoration
Turn out the cake batter onto the prepared sheet pan and spread into an even layer.
Bake for ~22 minutes or until a toothpick inserted into the cake comes out clean. You can also gently press your fingertip on the top of the cake, if an indent is left, it typically needs more time. If the cake bounces back, the cake is done. Allow the cake to cool completely.
Add all of the frosting ingredients together in a stand mixer fitted with the whisk attachment.
8 oz. full-fat cream cheese, softened, 1/2 cup unsalted butter, softened, 3-4 cups powdered sugar, sifted, 2-3 Tbsp. heavy cream or milk, 2 tsp. vanilla bean paste, 1 tsp. cake batter extract, pinch of salt
Start on low speed, then increase the speed to medium-high and beat ~3-4 minutes or until smooth, light, and creamy, scraping down sides of bowl as needed. Taste and adjust frosting as needed, adding more powdered sugar if you feel it's too thin, more heavy cream (or milk) if too thick.
Spread the frosting on top of the cooled cake. You can have fun swirling the frosting with an offset spatula or use piping tips to play with different styles of piping designs. (I.e.: around the perimeter of the cake).
Garnish with more rainbow sprinkles.
To slice, dip a sharp knife in hot water and wipe off in between slices to slice the cake easily and to keep cuts pretty. Enjoy!