01 - Preheat the oven to 350°F. Grease and line two 9x13-inch baking pans with parchment paper.
02 - In a large bowl, whisk together flour, sugar, baking powder, baking soda, and salt until well blended.
03 - In another large bowl, whisk together milk, vegetable oil, melted butter, eggs, and vanilla extract until smooth and emulsified.
04 - Pour the wet ingredients into the dry ingredients and mix until just combined. Avoid overmixing to prevent tough texture.
05 - Gently fold in the rainbow sprinkles with a spatula until evenly distributed throughout the batter.
06 - Divide the batter evenly between the prepared pans and smooth the tops with an offset spatula.
07 - Bake for 30-35 minutes, or until a toothpick inserted in the center comes out clean and the edges are lightly golden.
08 - Let cakes cool in pans for 10 minutes, then transfer to wire racks to cool completely before frosting.
09 - Beat butter in a stand mixer on medium speed until creamy and pale, about 2 minutes.
10 - Gradually add powdered sugar, beating well after each addition. Add milk, vanilla, and salt, then beat on high until light and fluffy, about 3 minutes.
11 - Once cakes are completely cool, spread a thick layer of buttercream over the top of each cake. Decorate generously with additional sprinkles.
12 - Cut into squares and serve immediately or store in an airtight container.