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To make the frosting: Put the chocolate in a large heatproof bowl.
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In a small saucepan, bring the cream to a boil.
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Pour the cream over the chocolate, move the bowl gently to let the cream settle.
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Set the mixture aside until softened, about 4 minutes.
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Whisk until smooth.
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Cover the surface of the frosting with plastic wrap.
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Set aside and let set up at room temperature, about 2 hours.
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To make the cake: Set a rack in the middle of the oven and preheat to 350 degrees F. Lightly butter two 9-inch round cake pans and line the bottoms with a circle of parchment or wax paper.
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In a medium bowl, whisk together the flour, baking soda, baking powder, and salt.
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Set aside.
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In a standing mixer fitted with the paddle attachment, beat the butter at medium speed until smooth, about 2 minutes.
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Increase the speed to medium-high and slowly add the sugar.
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Continue beating until light and smooth, about 4 minutes.
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Turn the mixer off and scrape down the sides of the bowl with a rubber spatula.
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Add the cocoa powder and vanilla and beat at medium speed for 1 minute more.
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(Stop the machine and scrape down the sides of the bowl again, if needed.)
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With the mixer running at medium-low speed, add the eggs, one at a time, beating for 1 minute between each addition.
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Scrape down the sides of the bowl.
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Combine the water and milk in a saucepan and bring just to a boil.
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Remove from the heat.
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With the mixer at low speed, add the flour mixture, about a 1/4 cup at a time.
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Carefully pour the hot liquid into the batter.
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Remove the bowl from the mixer and, using a large rubber spatula, finish combining the batter until smooth.
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Divide the batter evenly between the prepared pans.
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Lightly drop each pan onto the counter to settle the batter.
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Set the pans on the middle rack in the oven.
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Bake until the cakes begin to pull away from the sides of the pans and the center springs back when touched lightly, about 30 to 35 minutes.
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Cool the cakes, in the pans, on a rack for 10 minutes.
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Turn the cake layers out of the pans and cool on the rack.
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(If not assembling the cake right away, wrap the layers in plastic wrap and store at room temperature for up to 1 day, or freeze for up to 2 months.)
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Assemble the Devil's Food Cake.
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Place 1 cake layer upside-down on a cake stand or flat plate.
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Scoop about 1/3 of the icing onto the center of the layer.
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Using a large, offset spatula, spread the icing evenly over the layer to the edges.
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Place the other cake layer, rounded-side up, on top.
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Evenly spread half of the remaining icing over the top, spreading any excess icing down the sides.
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Spread the remaining icing around the sides of the cake.
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Use the tip of the offset spatula to make a swirling pattern in the icing.
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Serve.
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Store under a cake dome or loosely wrapped with plastic, at room temperature, for up to 2 days.