Preheat your oven to 350°F (175°C) and line two baking sheets with parchment paper.
In a large mixing bowl, combine the softened butter, eggs, and vanilla extract using an electric mixer on medium speed until smooth and creamy, about 2 minutes.
Gradually add the entire box of cake mix to the wet ingredients, mixing on low speed until a thick, uniform dough forms with no dry streaks remaining.
Fold in the chocolate chips and rainbow sprinkles with a spatula until they are evenly distributed throughout the dough.
Drop rounded tablespoon-sized portions of dough onto the prepared baking sheets, spacing them about 2 inches apart to allow for spreading.
Bake for 9-11 minutes, or until the edges are lightly golden brown and the centers appear slightly soft.
Remove from oven and let cookies cool on the baking sheet for 5 minutes before transferring to a wire rack to cool completely.