Add water and 1 cup of sugar to a small saucepan and stir together.
Put a candy thermometer inside of the saucepan and heat on medium to a boil. (While you’re waiting for the sugar and water to boil, start beating the egg whites.)
Add egg whites to the bowl of a stand mixer and fit with a whisk attachment. (It is possible to use a large bowl with a hand mixer, but it would be challenging.)
Cover the bowl with the splatter guard if you have one and beat the egg whites on high until soft peaks form. (Soft peaks are bright white and glossy holding their shape briefly until the tips droop or curl over when the whisk is lifted.)
Sprinkle 1/4 cup of sugar over the egg whites and beat until combined.
Boil the sugar water on medium heat until the thermometer reaches 245°F. You will see the color start to change and get a little darker and the mixture a little thicker.
Start the mixer again, beating the egg whites on high. While the mixer is going, slowly pour the sugar syrup into the egg whites. Beat until the bottom of the bowl feels room temperature. (Usually about 15-20 minutes.)
While the egg whites are beating, cut up the room temperature butter into tablespoons.
Once the bowl has reached room temperature, still beating on high, add the butter a tablespoon at a time. The butter will deflate the frosting at first.
Continue beating and the mixture will quickly turn into a smooth, glossy and thick frosting that holds its shape perfectly. Scrape down the sides of the bowl.
Add the vanilla extract and mix until combined.
Enjoy!