Preheat your oven to 350°F (177°C). Line your cupcake pans with cupcake liners.
In a medium-sized bowl, combine the cake flour, baking powder, baking soda, and salt, whisking them together for about 30 seconds to ensure they are well blended. Set this bowl aside.
In a separate bowl, stir together the buttermilk and vanilla extract. Set this aside as well.
In the bowl of a stand mixer, beat the softened butter on medium speed until it becomes smooth. Gradually add in the sugar, continuing to mix on medium speed for 3-5 minutes until the mixture turns pale and fluffy.
Add the eggs one at a time, mixing well after each addition until the yellow of the yolk disappears.
With the mixer on low, alternate adding the dry flour mixture and the buttermilk mixture to the batter. Begin and end with the dry ingredients, adding in three parts of dry ingredients and two of liquid. Mix just until combined after the final addition—avoid over-mixing.
Gently fold in the rainbow sprinkles. Feel free to add a bit more if you prefer extra bursts of color.
Scoop about ¼ cup of batter into each lined cupcake well.
Bake in the preheated oven for 15-18 minutes, or until a toothpick inserted into the center of a cupcake comes out clean or with a few crumbs. To prevent over-baking, remove the cupcakes from the pan immediately and let them cool on a wire rack.