Let filet mignon and butter come to room temperature for 30 minutes.
Place steaks on a large plate and season with olive oil, salt, and pepper. Make sure to rub all of the seasonings into the meat. Marinate for 10 minutes while you make the butter.
Combine butter, garlic, shallots, herbs, and salt together in a small bowl. Place garlic-herb butter onto a 12-inch by 12-inch piece of parchment paper. Using the parchment paper, roll the butter into a log.
Place the log of butter into the freezer to firm up.
Preheat your air fryer to 400 degrees. Place filet mignon steaks into the basket and cook for 10 minutes. The internal temperature of the steaks should be 125°-130°F. Steaks will carry-over cook and should finish at the internal temperature of 135°.
Place steaks on a plate and top with a slice of garlic-herb butter, and cover with aluminum foil to rest for 5 minutes.