Preheat oven to 350°F. Spray two 8-inch round baking pans with a nonstick baking spray. Set aside.
In a large bowl, with a hand or stand mixer, cream together the sugar and butter until well combined and fluffy, about 3-5 minutes. Mix in the eggs, one at a time, mixing well between each addition. Mix in the vanilla, turn the mixer on high, and continue mixing until fluffy and creamy, about 2-3 minutes. Set aside.
2 cups granulated sugar, 1 cup salted butter, 4 large eggs, 1 tablespoon pure vanilla extract
In a small bowl, sift together the flour, baking powder, and baking soda. Turn on the mixer to low speed and pour ⅓ of the flour mixture into the batter, mixing well. Add ⅓ of the milk into the batter, mixing well. Keep alternating between the flour and milk until all is mixed in. Gently fold in the sprinkles. The batter will be creamy and smooth.
3 cups all-purpose flour, 3 teaspoons baking powder, 1 teaspoon baking soda, 1¼ cups milk, ¾ cup rainbow sprinkles
Divide the cakes evenly between the prepared baking pans (about 822 grams per pan). Bake for 35-40 minutes, or until a toothpick inserted in the center comes out clean.
Cool for 10 minutes before inverting the pan and removing the cake to a cooling rack. Cool completely before frosting.