How to Make It
Heat oven to 350° F. Butter and flour a 12-cup Bundt pan.
In a bowl, whisk together the flour, pumpkin pie spice, baking powder, baking soda, and salt.
Using an electric mixer, beat the butter and granulated sugar on medium-high until fluffy, 2 to 3 minutes. Beat in the eggs, one at a time. Beat in the pumpkin puree, milk, and molasses (the mixture may appear curdled). Reduce the mixer speed to low; gradually add the flour mixture and mix until just combined (do not overmix).
Pour the batter into the prepared pan and bake until a toothpick inserted in the center comes out clean, 55 to 65 minutes. Let cool in the pan for 30 minutes, then invert onto a wire rack to cool completely.
In a bowl, whisk together the confectioners’ sugar and lemon juice until smooth. Drizzle over the cake. Let set before serving.