Place the mixing bowl of your stand mixer (or the large bowl you'll be using with your hand mixer) into the refrigerator for about 20 minutes to chill before you begin.
Into the cold mixing bowl, add the cream cheese and beat on medium speed with the whisk attachment until creamy, about 2 minutes.
Add the powdered sugar and mix on low speed until mostly incorporated, then turn the mixer to medium-high speed and mix for about 1 minute. Scrape down the bowl and whisk attachment as needed.
Add the vanilla extract, then turn the mixer to medium-high speed and slowly pour in the heavy whipping cream.
Once all the heavy whipping cream has been added, continue mixing on medium-high for just about 30 seconds longer, keeping a close eye on the mixing bowl to watch it thicken.
It should come together into a thick, silky whipped cream frosting consistency at this point. To check the consistency, turn the mixer off and dip your spatula into the frosting. It should hold a peak when you hold it upright.
Use the whipped cream cheese frosting immediately to decorate cakes and/or cupcakes for best results!
