01 - Preheat oven to 350°F. Grease and line two 9x13-inch baking pans with parchment paper.
02 - Whisk together flour, sugar, baking powder, baking soda, and salt in a large bowl until thoroughly blended.
03 - In a separate bowl, whisk milk, vegetable oil, melted butter, eggs, and vanilla extract until completely smooth.
04 - Pour wet ingredients into dry ingredients and mix until just combined. Avoid overmixing to maintain tender texture.
05 - Gently fold rainbow sprinkles into batter using a spatula until evenly distributed.
06 - Divide batter evenly between prepared pans and smooth tops with spatula.
07 - Bake for 30-35 minutes until toothpick inserted in center emerges clean.
08 - Allow cakes to cool in pans for 10 minutes, then transfer to wire racks to cool completely.
09 - Beat butter in stand mixer on medium speed until creamy, approximately 2 minutes.
10 - Gradually incorporate powdered sugar, beating thoroughly after each addition. Add milk, vanilla, and salt. Beat on high speed until light and fluffy, about 3 minutes.
11 - Once completely cool, spread thick buttercream layer over each cake. Generously top with additional rainbow sprinkles.
12 - Cut into squares and serve immediately or refrigerate for later enjoyment.