In a pot over medium heat, cook bacon until crisp. Transfer to a paper towel-lined plate and drain. Add onion to bacon fat and cook until soft, 5 minutes, then add garlic and cook until fragrant, 2 minutes more. Add rice and stir until combined, then add 1 cup chicken broth.

Bring to a simmer and cook, stirring occasionally, until broth is completely absorbed. When it's absorbed, add wine. Stir until fully absorbed, then add remaining broth 1 cup at a time until rice is tender and creamy, about 30 minutes. Add asparagus and let cook until tender, 6 minutes.

Stir in bacon and season generously with salt and pepper.