Preheat oven to 325°F. Spray a 10-inch Bundt pan with nonstick cooking spray.
In the bowl of a stand mixer fitted with the paddle attachment, cream together the butter, cream cheese, and sugar until light and fluffy, about 3 to 5 minutes.
Add the eggs one at a time, beating well after each addition. Scrape down the sides of the bowl as needed. Mix in the vanilla.
In a separate bowl, whisk together the cake flour, baking powder, cocoa powder, and salt.
With the mixer on low, add about half of the flour mixture to the butter mixture. Mix until combined, then add the remaining flour mixture. Mix just until combined, scraping down the sides of the bowl as needed.
Pour the batter into the prepared Bundt pan and smooth the top.
Bake for 1 hour to 1 hour 15 minutes, beginning to check for doneness at about 55 minutes. The cake is done when a toothpick inserted into the center comes out with a few moist crumbs but no wet batter.
Let the cake cool in the pan for 5 to 10 minutes, then carefully invert it onto a wire rack. Let it cool completely before decorating.