Preheat oven to 350°F. Line two 12-cup muffin pans with cupcake liners.
In a stand mixer with paddle attachment, beat 1/2 cup butter and 1 1/2 cups sugar on medium speed for 3-4 minutes until light and fluffy. Scrape bowl halfway.
Add eggs one at a time, beating well after each. Add vanilla. Mixture may look slightly curdled; that's fine.
In a separate bowl, whisk together cake flour, baking powder, baking soda, and salt.
Add half the dry ingredients to butter mixture on low, then buttermilk, then remaining dry ingredients. Mix just until combined—do not overmix.
Fill liners 2/3 full (a cookie scoop helps). Bake 15-18 minutes until toothpick inserted in center comes out clean. Cool in pan 5 minutes, then transfer to wire rack to cool completely.
While cupcakes cool, make frosting: Beat 1 1/2 cups butter on medium-high for 5 minutes until pale and fluffy. Add powdered sugar one cup at a time, then 3-4 tbsp cream and vanilla. Beat 2 more minutes until light and airy.
Divide frosting into 4 bowls. Tint one deep purple (Violet + tiny dot Electric Blue), one bright blue, one deep pink, and one dark grey (white frosting with a tiny dab of Super Black).
Fit a piping bag with a Wilton 1M tip. Using a toothpick, smear vertical stripes of each gel color inside the bag. Then spoon colored frosting into bag: purple one side, blue other, pink middle, grey along edge. Don't mix—just layer.
Pipe swirl: start from outer edge of cupcake, pipe a ring, then a second ring inside and slightly higher. Continue spiraling inward and upward, lifting bag straight up at the peak.
Immediately add star sprinkles, edible glitter, and silver dragées, pressing gently. Chill frosted cupcakes 10 minutes to set decorations.