Preheat the oven to 350°F (175°C).
Combine the butter, shortening, and sugars in the bowl of a stand mixer fitted with the paddle attachment and cream together on medium-high for 2-3 minutes, just until it all comes together. Scrape down the sides of the bowl.
Crack the eggs into a small container. Add the eggs to the mixture one at a time with your mixer on low speed, making sure each is fully incorporated before adding the next. After you add each egg, you can increase the speed to high for a few seconds to help the ingredients incorporate.
Mix on high for 2-3 minutes. Scrape down the sides of the bowl once more, looking for any streaks of ingredients that haven't been incorporated.
- When it's done, the mixture should be light tan, glossy, and homogenous. If it looks like the ingredients are still distinct and trying to separate, cream for another 2-3 minutes. It's okay to see some sugar granules in the mixture.
On low speed, stream in the grapeseed oil toward the center of the bowl and then switch to high speed and paddle for 3-6 minutes until the mixture is practically white, twice the size of the original fluffy butter-and-sugar mixture, and completely homogenous.
Turn down your mixer to low speed and stream in the buttermilk and vanilla just a little at a time until fully incorporated.
Combine the cake flour, baking powder, salt, and 25 g rainbow sprinkles in a medium container or bowl and mix with a spoon. Add the dry ingredients into your mixing bowl. On the lowest mixer speed, mix for 45 to 60 seconds, just until the dry ingredients are well distributed.
- Scrape down the sides and bottom of the bowl thoroughly to ensure the batter is fully mixed. If not, keep lightly working the batter with your spatula until any dry ingredients are fully incorporated.
Spray an eighth sheet pan with baking spray in an 'X', line it with parchment, and spray the top of the parchment and the sides of your pan.
Pour the batter into the prepared eighth sheet pan and, using a spatula, knife, or the back of a spoon, spread the cake batter in an even layer.
Sprinkle the remaining 15 g rainbow sprinkles evenly on top of the batter.
Bake the cake for 30 minutes, checking intermittently for uneven browning. The cake will rise and puff, doubling in size.
- At 15 minutes, take a look at the cake with your oven light to see if any areas are browning more than others. If so, very gently rotate the cake in the oven (intense movement can cause your cake to deflate). For the next 15 minutes, you can check on the cake with the oven door
closed every 5-10 minutes and rotate if you see uneven browning.
- If you notice the cake is getting too much color on top but isn't set in the center yet, you can reduce the oven temperature to 325°F until the cake is baked through.
- At 30 minutes, use your finger to gently poke around the outside and center of the cake. It should bounce back very slightly and not be jiggly at all. Leave the cake in the oven for an extra 3-5 minutes if it doesn’t pass these tests.
When baked through, remove the cake from the oven and allow to cool to room temperature. The cooled cake can be stored in the fridge wrapped in plastic wrap for up to 5 days.