Prepare the Pan:
Preheat your oven to 350°F (175°C). Spray a 12- to 15-cup Bundt pan with baking spray.
Cream Butter and Sugar:
In a stand mixer with a paddle attachment, beat the softened butter and granulated sugar on medium-high speed until pale and fluffy, about 2-3 minutes. Be sure to scrape down the sides of the bowl as needed.
Add Eggs and Vanilla:
Add the eggs one at a time, beating after each addition until just combined. Add vanilla extract and mix until just blended.
Mix Dry Ingredients:
In a medium bowl, whisk together the flour, baking powder, salt, ground nutmeg, and baking soda.
Combine Wet and Dry Mixtures:
With the mixer on low speed, gradually add the dry ingredients to the butter mixture, alternating with the buttermilk. Begin and end with the flour mixture. Mix until just combined.
Fill the Pan and Bake:
Spoon the batter into the prepared Bundt pan and gently tap it on the counter 3-5 times to release air bubbles. Bake for 45-50 minutes, or until a wooden pick inserted in the center comes out clean.
Cool the Cake:
Let the cake cool in the pan on a wire rack for 15 minutes. Invert the cake onto a cutting board or platter, then gently flip it back over so the rough side is facing up. Allow the cake to cool completely on the wire rack, about 1 hour.
Make the Glaze:
In a medium bowl, whisk together the powdered sugar and water until smooth.
Glaze the Cake:
Once the cake is fully cooled, brush the glaze over the top of the cake. Let the glaze set before slicing and serving. Enjoy!