In linguistics, there are two main perspectives on negation: a semantic and a pragmatic view. So far, research in NLP on negation has almost exclusively adhered to the semantic view. In this article, we adopt the pragmatic paradigm to conduct a study of negation understanding focusing on transformer-based PLMs. Our results differ from previous, semantics-based studies and therefore help to contribute a more comprehensive – and, given the results, much more optimistic – picture of the PLMs’ negation understanding.