Pop one bag of popcorn according to package directions. Transfer to a large bowl and remove any unpopped kernels.
Pop the second bag of popcorn. Divide in half and put each half in a separate bowl. (So you'll have one large bowl and two smaller bowls!) Remove unpopped kernels.
Melt ColorBurst candy melts according to package directions. Pour over the popcorn in the large bowl and use a rubber spatula to stir until coated. Transfer to a baking sheet lined with parchment paper. Spread out into an even layer and immediately sprinkle with sprinkles. Let the candy coating set and then break clumps back into pieces.
Combine 1/2 cup blue candy melts and 1/2 cup white candy melts. Heat for 30 seconds, stir, and repeat. Pour over one of the smaller bowls of popcorn and stir until coated. Spread out on a parchment paper-lined baking sheet. (I used one baking sheet for the white popcorn and fit both the purple and blue on a second baking sheet.) Sprinkle with sprinkles and let candy coating set. Break popcorn back into pieces.
Repeat with purple and white candy melts.
Combine all popcorn in a bowl or bag and enjoy!