First, start by dicing the pancetta and slicing the mushrooms.
Next, chop and dice the shallots and mince the garlic cloves. Set aside for now.
In a bowl, whisk together 4 egg yolks and 1 egg, heavy cream, parmesan cheese, salt and ground black pepper.
In a pan over medium high heat, add the diced pancetta and dry white wine. Cook just until the pancetta is golden and crispy and the wine thickens. This takes about 7-10 minutes. Transfer the pancetta to a separate plate but leave about a tbsp of the fat in the pan to cook the mushrooms.
In the same pan you used to cook the pancetta in, add the mushrooms and cook until browned but not burned. This may take about 10-12 minutes. During the last minute of cooking the mushrooms, add the shallots and saute for about 30 seconds. Add in the minced garlic cloves and saute for another 15-20 seconds. Remove from the heat and set aside.
Add water and salt to a pot large enough for you to cook the spaghetti in. Bring to a boil over high heat and add the spaghetti. Cook the spaghetti until about 1 minute shy of the package instructions. Reserve 1 cup of pasta water, then drain the pasta. You’ll want to wait about 1-2 minutes before adding the pasta back to the pot so it has a chance to cool down. If the pasta is too hot when you add the egg mixture in, it may turn into scrambled eggs.
Place the drained pasta back in the pot and toss with the pancetta, mushrooms, shallots and garlic. Turn the heat back on and leave on low as you complete the next steps.
Meanwhile, add 1/2 cup of the pasta water to the bowl with the egg mixture. Whisk together quickly.
Add the egg mixture to the pasta slowly while constantly stirring. Begin adding the rest of the pasta water while stirring. You can add the entire 1/2 cup of pasta water or just some. The more pasta water you add, the thinner the carbonara sauce will be.
Roughly chop fresh parsley and add it to the mushroom carbonara with pancetta. Mix together to combine.
Finally, top with more freshly grated parmesan cheese if desired, serve and enjoy!