Gather all of the ingredients you need for this recipe and add your ice cream cones into a baking pan. You'll also need to preheat your oven to 350F.
Add around 1/3 of the milk, egg, egg whites, vanilla extract and almond extract. Mix well and set aside.
Add the cake flour, sugar, baking powder and salt to a bowl and mix well for around 30 seconds. Carefully add the cubed butter; mixing as you go. Once mixed, pour in the rest of the milk and mix for a further 2 minutes. Be sure to scrape the sides of the bowl as you go.
Add the egg mixture in 3 stages, on a medium speed. Then fold in the rainbow sprinkles until evenly distributed in the batter.
Fill each cone around 3/4 full and place into the center of your preheated oven for around 16-18 minutes.
Remove from oven and leave to cool completely before adding your frosting.
To make your whipped frosting, add the butter to your mixture and mix for around 6-8 minutes until the batter is smooth and pale in color.
Gradually add the powdered sugar, along with the milk, salt and vanilla extract. Beat the frosting for a further 5-6 minutes. At this point, it should be light and fluffy.
Add frosting to the top of your cooled ice cream cone cupcakes. Serve and enjoy!