Prep your pan – Line a baking sheet with parchment paper or lightly grease it with butter.
Cook sugar mixture – In a heavy saucepan, combine sugar, corn syrup, water, and salt. Cook over medium heat, stirring until sugar dissolves.
Boil – Continue cooking without stirring until the mixture reaches 300°F (hard crack stage) on a candy thermometer.
Add peanuts – Stir in the peanuts and cook for another 1–2 minutes, until well coated.
Finish – Remove from heat and quickly stir in butter, vanilla, and baking soda. The mixture will foam up.
Spread – Immediately pour onto the prepared baking sheet and spread thin with a spatula.
Cool & break – Allow to cool completely, then break into bars or bite-size pieces.