Season filet mignon steaks with salt and pepper.
Heat olive oil in a large skillet over medium-high heat. Add steaks and cook to desired doneness, approximately 4-5 minutes per side for medium-rare. Transfer steaks to a plate and cover with foil to keep warm.
In the same skillet, add shallots and garlic, sauté until softened, about 2 minutes.
Add shrimp and lobster, cook until just opaque, about 2-3 minutes.
Deglaze the pan with white wine, scraping up any browned bits from the bottom.
Stir in heavy cream and thyme, simmer until sauce has slightly thickened, about 3-4 minutes.
Remove from heat, stir in butter until melted and incorporated.
Spoon shrimp and lobster cream sauce over filet mignon and serve immediately.