Place a medium pot over medium heat. Add 1 pound smoked sausage (cut into bite-sized slices), 1/2 medium onion (diced), 2 cloves garlic (minced), and 1 cup sliced mushrooms. Cook, stirring often, until the onions are slightly tender and the sausage is lightly browned, about 5–7 minutes.
Add 3 cups uncooked penne pasta, 2 cups chicken stock or broth, and 1 (10-ounce) jar roasted red peppers, undrained (add the peppers along with their liquid). Stir to combine and scrape any browned bits from the bottom of the pot.
Bring the mixture to a simmer, then cover the pot. Cook, stirring once or twice, until the penne is nearly al dente, about 5–8 minutes.
Remove the lid, stir, and continue cooking uncovered until the penne is al dente (or at your preferred tenderness) and the liquid has reduced to a sauce, about 3–5 more minutes.
Reduce heat to low and stir in 2 cups Monterey Jack cheese and 1/2 cup Parmesan cheese until the cheeses are melted and the sauce is smooth.
Add 2 cups spinach and stir until the spinach is wilted and evenly distributed, about 1–2 minutes. Serve immediately.