In a medium bowl, stir together the graham cracker crumbs and granulated sugar. Stir in the melted butter until the crumbs are evenly moistened. Remove 1/3 cup of the crumbs and set aside for later.
In a large bowl using an electric handheld mixer or in the bowl of an electric stand mixer, mix the powdered sugar and cream cheese together until light and smooth, 1-2 mins. Mix in the vanilla.
Pour in the cold heavy cream and mix on low until the mixture starts to come together. Increase the speed to medium-high and mix until the mixture is thick and fluffy.