2/3 cup cold heavy cream
1 Tbs. plus 1/4 cup granulated sugar
3/4 oz. (1/4 cup) Dutch-processed cocoa powder
1/8 tsp. Table salt
4 cups 2% milk
7 oz. bittersweet chocolate (65% to 70% cacao), finely chopped (about 1-3/4 cups)
1/8 tsp. ground cayenne; more to taste
1/2 tsp. ground cinnamon
1/2 tsp. smoked paprika
In a medium bowl, beat the cream and 1 Tbs. sugar with an electric hand mixer on medium speed to medium-soft peaks. Refrigerate while making the cocoa.
Put the remaining 1/4 cup sugar, the cocoa powder, and 1/8 tsp. salt in a heavy-duty 3-quart saucepan. Add 1/4 cup of the milk and whisk until the mixture is smooth. Pour in the remaining milk and whisk to combine. Bring to a boil over medium-high heat. Add the chocolate and cayenne and reduce the heat to low. Whisk until the chocolate is completely melted and the mixture is a little frothy, 1 minute. Add more cayenne to taste, if you like.