Sauté the aromatics. Heat olive oil in a large pot over medium heat. Add the diced onion and cook for about 5 minutes until softened and translucent. Stir in the garlic and cook for another minute until fragrant.
Add the squash and spices. Toss in the cubed butternut squash, cumin, smoked paprika, and nutmeg. Give everything a good stir to coat the squash in all those warm spices.
Pour in the broth. Add the chicken broth and bring the pot to a boil. Reduce heat to a simmer, cover, and cook for 25–30 minutes until the squash is fork-tender.
Blend it smooth. Use an immersion blender directly in the pot to puree the soup until silky smooth. Alternatively, carefully transfer in batches to a countertop blender.
Stir in the cream. Pour in the heavy cream and stir to combine. Season generously with salt and pepper.
Serve and garnish. Ladle into bowls and top with toasted pumpkin seeds, a drizzle of cream, and fresh thyme if you like.