In the bowl of a stand-up mixer, add the heavy cream and powdered sugar. Alternatively, you could pour the heavy cream and powdered sugar into a large bowl and use an electric hand-mixer. Whip until light and fluffy, about 2 minutes. Next, add the milk powder and vanilla extract; beat once more until medium peaks, an additional minute.
Pour in the whole milk and mix until thoroughly combined. At first it’ll seem like it won’t want to merry with the whipped cream but continue stirring or beating until combined.
Fill up your popsicle molds about 1/4 of the way; add a few pinches of sprinkles to each mold. Fill up the molds about 1/2 way; again, add a few pinches of sprinkles to each mold. Repeat this process until all of the molds are full and layered with sprinkles. Insert popsicles into the center of each of the molds. Transfer to the freezer until frozen solid, at least 6 hours, ideally overnight. Run the molds under hot running water for a few seconds; remove the popsicles from their molds and enjoy.