01 -
Preheat oven to 350°F (175°C). Line the bottoms of three 8-inch round cake pans with parchment paper and grease the sides.
02 -
In a large bowl, whisk together flour, sugar, cocoa powder, baking soda, baking powder, and salt.
03 -
In another bowl, whisk together milk, vegetable oil, vanilla extract, and eggs.
04 -
Slowly mix wet ingredients into dry ingredients, then whisk in hot water until batter is smooth and thin.
05 -
Divide batter evenly among pans and bake for 22–25 minutes until a toothpick inserted in the center comes out clean. Cool for 2–3 minutes, then transfer to wire racks.
06 -
Beat butter and peanut butter until smooth. Add half the powdered sugar, followed by 3 tablespoons of liquid. Mix in remaining sugar and adjust consistency with additional liquid as needed.
07 -
Level cooled cake layers. Place one layer on a serving plate, spread 1 cup frosting, sprinkle half of the chopped Reese’s, and add a thin layer of frosting. Repeat with the second layer. Place the third layer on top.
08 -
Apply a crumb coat, then frost the entire cake smoothly with remaining frosting.
09 -
Heat heavy cream until just boiling. Pour over chocolate chips, let sit 2 minutes, then whisk until smooth.
10 -
Drizzle ganache over cake edges and spread over the top. Let set 10 minutes before garnishing with halved and crumbled Reese’s.