Combine the graham cracker crumbs, granulated sugar, and melted butter in a medium bowl. Mix until everything is evenly coated and resembles wet sand.

Press the mixture firmly into the bottom and along the sides of a 9-inch pie dish.

Beat the softened cream cheese in a large mixing bowl with an electric mixer until smooth.

Gradually add the powdered sugar and vanilla extract, mixing until well combined and smooth.

Whip the heavy cream in a separate bowl until stiff peaks form.

Fold the whipped cream gently into the cream cheese mixture until fully combined, then fold in the rainbow sprinkles.

Spoon the filling into the prepared crust and smooth the top with a spatula.

Cover the pie with plastic wrap and refrigerate for at least 4 hours or until completely set.

Sprinkle additional rainbow sprinkles on top just before serving.

Slice and serve chilled.