If not already sifted, sift the 1/2 cup cocoa powder and the 5 cups powdered sugar; set aside.

Place 1/2 cup softened vegan butter and 1/2 cup coconut oil in a large bowl. Using a hand or stand mixer, beat on medium speed until smooth and combined, about 30–60 seconds.

Add the sifted cocoa powder and 1 teaspoon vanilla extract; beat until fully incorporated, scraping the bowl sides as needed.

With the mixer on low, add the 5 cups powdered sugar in 3–4 additions, mixing until mostly combined. As you add the last of the sugar, add 3 tablespoons almond milk, one tablespoon at a time, and continue mixing until the frosting reaches your desired spreading or piping consistency; add the 4th tablespoon of almond milk if needed.

Scrape the bowl and beat on medium-high for 1–2 minutes, until the frosting is light, fluffy, and smooth.

Use immediately to frost one 9-inch (or 8-inch) round layered cake or 24 cupcakes.