• Preheat the oven to 350 degrees F. Grease the inside of a 12-cup Bundt pan well with butter and coat with flour.
• Add the softened butter and sugar to the bowl of a stand mixer. Cream for 2 minutes, scraping the sides of the bowl as needed. Mix in the eggs.
• Stir the cocoa powder into the warm water in a medium bowl. Stir well until all the powder is incorporated. With mixer on low, pour in the cocoa and water. Next add the vanilla.
• Continue to mix as you add the baking soda, baking powder, cinnamon, chili powder and salt.
• Gradually add the flour, mixing on low between each addition, just until fully incorporated into a batter. Transfer the batter to the prepared Bundt pan.
• Bake for 40 to 45 minutes, until a toothpick inserted into the cake comes out clean. Let cool completely, at least 30 minutes.
• Once the cake is cool, place a plate over the cake and invert the pan to release the cake to the serving plate.

Glaze

• To make the glaze, add the powdered sugar to a medium bowl. Stir in 5 tablespoons of the cream. Add the remaining cream a little at a time, until the frosting reaches a thick, but flowing glaze. It should be thin enough to drizzle, but thick enough to hold its form when you drizzle it back into the bowl. Stir in the cinnamon and salt.
• Spread the frosting over the top of the cake, allowing it to drape gently over the sides. Let rest for 5 minutes. Dust with cocoa powder before slicing to serve. Store any leftover cake in the refrigerator.