Thaw chateaubriand in refrigerator for 24 to 48 hours.
Remove from refrigerator and pat dry with paper towels all over; season liberally with salt and pepper and allow to come to room temperature over about one hour.
Add olive oil to a saucepan on medium-high heat and sauté onions and garlic for about 45 seconds, until caramelized and lightly browned.
Add mushrooms, thyme, 1/2 teaspoon kosher salt, and 1/4 teaspoon black pepper and sauté for about 3 to 4 minutes, until tender and browned.
Cool mushroom mixture for about 5 minutes, then place in food processor and blend until fully minced.
Add room-temperature butter to food processor and blend until fully incorporated to create duxelles butter; season to taste with salt and pepper.
Pre-heat oven to 250 degrees Fahrenheit.
Slather 2/3 of duxelles butter on top and sides of chateaubriand, excluding the bottom of the roast.
Roast in oven on wire rack-lined sheet pan until 10 degrees below desired cooking doneness; about 45 minutes for rare doneness. For a different desired cooking doneness, refer to the Omaha Steaks cooking chart.
Once targeted temperature is reached, broil until slightly browned on the top and edges, about 40 to 60 seconds, watching closely so butter doesn’t burn.
Lightly tent with aluminum foil and rest chateaubriand for about 20 minutes fore slicing.
Slice and serve chateaubriand with reserved duxelles butter on the side.