Preheat and prepare the pans
Preheat your oven to 350°F (175°C). Grease and line two 9-inch round cake pans with parchment paper.
Mix the dry ingredients
In a large bowl, whisk together the flour, cocoa powder, baking powder, baking soda, salt, and sugar.
Combine wet ingredients
In another bowl, whisk the eggs, milk, oil, and vanilla extract until smooth. Gradually add the wet mixture to the dry ingredients and mix until combined.
Add boiling water
Carefully stir in the boiling water until the batter is smooth. The batter will be thin—this is normal!
Bake the cakes
Divide the batter evenly between the prepared pans. Bake for 30-35 minutes, or until a toothpick inserted into the center comes out clean. Let the cakes cool in the pans for 10 minutes before transferring them to a wire rack to cool completely.
Prepare the peanut butter frosting
In a large bowl, beat the softened butter and peanut butter until creamy. Gradually add the powdered sugar, mixing until combined. Add the heavy cream and vanilla extract, beating until the frosting is light and fluffy. Add more cream if needed to reach your desired consistency.
Assemble the cake
Place one cake layer on a serving plate and spread a generous layer of frosting on top. Place the second layer on top and frost the top and sides of the cake. Smooth the frosting with an offset spatula.
Decorate and serve
For an extra touch, garnish the cake with chopped peanuts, mini chocolate chips, or a drizzle of melted chocolate. Slice and enjoy!