In a medium saucepan, combine the water, butter, 2 tablespoons of sugar, and salt. Bring the mixture to a rolling boil over medium-high heat.

Reduce the heat to low and vigorously stir in the flour, cocoa powder, cinnamon, and cayenne pepper using a wooden spoon. Continue to cook and stir for about 1 to 2 minutes until the dough forms a smooth ball and pulls away from the sides of the pan.

Transfer the dough to a large mixing bowl and let it cool for 5 minutes. Beat in the eggs one at a time, mixing well after each addition until the dough is glossy and pipeable, then transfer it to a piping bag fitted with a large star tip.

Heat about 2 inches of vegetable oil in a heavy-bottomed pot or Dutch oven to 350 degrees F (175 degrees C). Carefully pipe 4 to 5-inch strips of dough into the hot oil, using kitchen scissors to snip the ends off cleanly.

Fry the churros for about 2 to 3 minutes per side until crisp. Transfer them to a paper towel-lined plate to drain briefly, then immediately roll them in the remaining 1/2 cup of sugar until fully coated.

While the churros fry, heat the heavy cream in a small saucepan until simmering, then pour it over the dark chocolate chips in a small heatproof bowl. Let the mixture sit for 1 minute before whisking until it forms a smooth, glossy chocolate sauce.

Warm the salted caramel sauce in the microwave for 30 seconds until easily dip-able. Serve the warm, spiced chocolate churros immediately alongside the rich chocolate ganache and salted caramel dipping sauces.