Start by preheating your oven to 325°F (163°C). Generously grease and flour a large Bundt pan or tube pan, ensuring all the crevices are well-coated to prevent sticking.

In a large mixing bowl, combine the softened butter, shortening, and cream cheese. Beat with an electric mixer on medium speed until the mixture is creamy and smooth. Add in the sugar gradually and continue beating until the mixture is light and fluffy.

Crack in the eggs one at a time, beating well after each addition. This helps the batter emulsify properly and ensures a smooth texture.

Stir in the crunchy peanut butter and vanilla extract. Mix until fully combined. The crunchy peanut butter will add a nice texture to the cake.

In a separate bowl, sift together the flour, baking powder, and salt. Gradually add the dry mixture into the wet ingredients, mixing on low speed just until everything is incorporated. Avoid overmixing.

Pour the thick batter into the prepared pan and smooth the top with a spatula. Bake in the preheated oven for 1 hour 20 minutes to 1 hour 30 minutes, or until a toothpick inserted in the center comes out clean. Let the cake cool in the pan for 15–20 minutes, then carefully invert it onto a wire rack to cool completely.

In a small bowl, whisk together the powdered sugar, creamy peanut butter, vanilla extract, and 2 tablespoons of milk. If the glaze is too thick, add the remaining milk a little at a time until it reaches a pourable consistency.

Once the cake is completely cooled, drizzle the peanut butter glaze over the top. Let it set for a few minutes before slicing. Serve and enjoy!