Cook spaghetti in a large pot of boiling salted water, stirring occasionally, until al dente; drain.
Meanwhile, fry bacon in a large skillet over medium-high heat, stirring occasionally, until crisp. Using a slotted spoon, transfer bacon to paper towels to drain (reserve fat). Scrape excess corn milk from cobs into a blender by firmly running the back of a chef's knife down the sides. Add cream, half of the corn kernels, ¼ tsp. salt, ¼ tsp. pepper, and 2 Tbsp. reserved bacon fat. Purée until a smooth sauce forms.
Toss hot pasta with corn sauce, ½ cup Parmesan, and half each of the remaining corn kernels, bacon, and basil in a large bowl.
Divide pasta among bowls and top with remaining corn kernels, bacon, and basil. Season with pepper and top with Parmesan.
