Place the spinach in a large microwave safe bowl. Pour 1 Tablespoon of water on top. Cover with a wet paper towel.
Microwave in 30 second intervals, stirring occasionally, until the spinach has cooked completely. This will take 3-4 minutes.
Use a dry paper towel to squeeze the excess water out of the cooked spinach.
Repeat until most of the water has been removed. See photos above.
Add the cream cheese and mash with a spatula or back of a spoon until completely combined.
Stir in the cream, shallot, garlic, salt, and pepper.
Fold in the mozzarella cheese and about ⅓ cup of the parmesan (save about 2 Tablespoons for the topping).
Transfer the mixture to a lightly greased 7 inch oven safe dish or air fryer cake barrel. Cover tightly with foil.
Air fry at 400 degrees for 21-23 minutes or until bubbling and heated through.
While the dip cooks, combine the panko and remaining parmesan in a small bowl.
Uncover the dip and sprinkle the topping on.
Air fry at 400 degrees for another 2-3 minutes or until golden.