Set a large pot of salted water to boil.
Heat oil over medium heat in a large saute pan and fry the pancetta until crispy. Remove the pancetta and set aside on a paper towel lined plate. Reserve saute pan and oil.
Turn the heat to high and add the mushrooms to the pan. Cook for 10 minutes or until golden brown, then remove and drain. Turn off the heat.
Cook pasta for 4 minutes. Add a cup of pasta water to the saute pan and turn heat back to medium. Whisk oil and water mixture together until emulsified (about 1 minute).
Using tongs, transfer pasta to saute pan, along with another cup of pasta water, cream, thyme, and parmigiano. Reserve pasta water. Cook until pasta is the desired doneness, adding pasta water as necessary.
Add mushrooms and pancetta back to the pasta, season with kosher salt, black pepper, and extra thyme.