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Preheat the oven to 350 degrees F (175 degrees C). Grease and flour a 10x15-inch cake pan.
Prepare the cake: Combine butter, water, and cocoa powder in a saucepan over medium heat. Cook until butter has melted and mixture comes to a boil. Remove from the heat and cool slightly.
Meanwhile, mix flour, sugar, and salt together in a large bowl. Beat buttermilk, eggs, baking soda, and vanilla extract together in a separate bowl.
Add melted butter mixture to flour mixture, then add buttermilk-egg mixture and beat until thoroughly combined. Pour into the prepared cake pan.
Bake in the preheated oven until a toothpick inserted into the center comes out clean, about 20 minutes. Remove cake from the oven and cool on a wire rack for 5 minutes.
While the cake bakes, make the frosting: Combine butter, milk, cocoa powder, and vanilla extract in a saucepan over medium heat. Stir until butter melts, then stir in powdered sugar.
Spread frosting over the warm cake.