Spray two 8 inch cake pans with baking spray and line the bottom of the pans with parchment paper. Set aside.
In a large bowl combine the flour, baking powder, baking soda, and salt. Mix and set aside.
In another large bowl cream together the butter and sugar. Add in the eggs and vanilla and mix well.
Add half of the flour mixture to the butter mixture and mix until combined.
Add the milk to the butter mixture and mix until smooth.
Add in the remaining flour mixture and mix until just combined, do not over mix.
Divide the batter between the two prepared pans and put in the oven.
Bake for 35-40 minutes or until a toothpick inserted into the center comes out clean. Remove from oven and cool 10 minutes. Run a butter knife around the edges and remove the cakes from the pans. Cool completely on wire racks.
To make the frosting place the butter in a large bowl. Beat with a mixer until smooth.
Add in the powdered sugar a cup at a time until the mixture is smooth.
Add in the milk and vanilla and mix until smooth.
Remove 1 cup of frosting and dye it black. Dye the remaining frosting blue.
Place one cake layer on a cake round and top with 3/4 cup of the blue frosting. Spread over the top.
Top the first cake layer with a second layer and cover the cake with the blue frosting.
Using the black frosting draw a rocket ship on top of the cake.
Using the sprinkles, make it look like the rocket is blasting off by starting narrow then widening the sprinkles off the side of the cake as pictured.