In the bowl of a stand mixer fitted with the paddle attachment, beat the butter on medium speed until light and fluffy, about a minute. Add the sugar and beat for another minute.
Add the vanilla, then each egg one at a time until incorporated.
Mix the flour, cocoa powder, baking soda, baking powder, cinnamon, salt, and cayenne in a separate bowl. With the mixer running, add the dry mixture in increments to the butter and egg mixture until just combined.
Add the chocolate chips and beat until just combined.
Roll the dough into golf ball sized balls and flatten just slightly with your palm. Bake for about 14 minutes on the middle rack of the oven until the edges are hardened and the center is set. Sprinkle with powdered sugar before serving.