Line a large rimmed baking sheet with a silicone baking mat or parchment paper. Spray the paper with nonstick cooking spray. Combine peanuts, cayenne, and cinnamon in a bowl. Set aside.
Combine sugar, corn syrup, and salt in a large microwave safe bowl. Microwave on high for 4 minutes. Stir in peanut mixture. Return bowl to microwave and cook on high for 3½ minutes. Stir in butter and vanilla extract. Microwave on high for 1½ minutes more.
Carefully stir in baking soda. (Take care: the mixture will foam up. This is ok.) Immediately pour the mixture onto the prepared baking sheet and, working as quickly as you can, spread it out into a thin layer with a silicone spatula. Let cool at room temperature until completely hardened, 20 to 30 minutes, then break into pieces.