In a large bowl using a handheld or stand mixer fitted with a whisk attachment, beat the cream cheese on medium speed until creamy, about 1 minute. Scrape down the sides and bottom of the bowl and beat again as needed until completely smooth (no lumps). Add the confectioners’ sugar and vanilla extract, and beat on medium speed until combined and completely smooth, at least 2 full minutes. Scrape down the sides and bottom of the bowl and beat again as needed.

Add a few Tablespoons of the cold heavy cream, and beat until the mixture smooths and thins out. Scrape down the sides and bottom of the bowl as needed. Then, with the mixer running on low speed, pour in the remaining cream in a very slow and steady stream. After all of the cream has been added, increase the speed to medium-high and whip until stiff peaks form, about 2–4 minutes. This time can vary depending on exact temperature of ingredients, temperature in the kitchen, and even the humidity. Do not walk away during this time and do not be concerned if your frosting takes less or more time to whip. You’re looking for a thick, airy consistency with stiff peaks. If you were to shimmy and shake your bowl, the frosting would hardly move. If your frosting appears curdled, it’s over-whipped. To fix, stir 1 Tablespoon of heavy cream into the frosting by hand with a spatula to smooth out again.

After you make the whipped frosting, it’s ready to frost your cupcakes, cake, or other confections. After frosting a cake or cupcakes with this frosting, I strongly recommend refrigerating them uncovered for at least 30 minutes to help “set” the frosting (especially when using on a layer cake). Then you can serve or set out for a couple hours before serving. And note that you’ll notice the frosting becomes thicker and airier the longer it sits in your mixing bowl. This is not a problem and can easily be fixed by gently stirring it to pop any air bubbles. Likewise, if you notice the frosting is really airy and looking over-whipped as you pipe it with piping tips, either “massage” the frosting while it’s in the piping bag to help deflate air bubbles, or pipe back into the mixing bowl and gently stir it with a spatula. You can stir in a splash of cold heavy cream to smooth out if needed.

After the 30 minutes of refrigerating to “set” the frosting as instructed in step 3, frosted confections are fine to serve or sit out at room temperature for a couple hours. If you plan to serve later than that, such as the next day, I recommend storing in the refrigerator. Lightly cover as best you can (a cake carrier/cupcake carrier works great for storing). Confections topped with this frosting can be made ahead and refrigerated for up to 2 days.