In the past decade, the meaning of Hegel's idea of a ‘science of logic’ has become a matter of intense philosophical debate. This article examines the two most influential yet opposed contemporary readings of the Science of Logic—often referred to as the ‘metaphysical’ and ‘non-metaphysical’ interpretations. I argue that this debate should be reframed as a contest between logic as ontology (LAO) and logic as metaphysics (LAM). According to Stephen Houlgate's interpretation of logic as ontology, the science of logic is a progressively explicit unfolding of the categories of thought, which is at the same time the process by which being itself determines what it is to be. A second interpretation has been pursued by Sebastian Rödl and Robert Pippin, who read Hegel's logic as metaphysics. On this reading, the science of logic is a progressively coherent unfolding of the categories of thought, which articulate all that it could intelligibly mean to be. This article intervenes in this debate in three key ways. First, I argue that Houlgate's ontological approach undermines his attempt to establish the objective validity of the categories. Second, I show that the LAM emphasis on the crucial idea of apperception enables it to succeed where Houlgate fails by doing justice to the rational necessity with which the Logic unfolds. Third, I argue that, despite this success, the LAM program remains unrealized because of its neglect of Hegel's understanding of cognition as a form of life. While LAM has compellingly unfolded the ‘thought of being’, it has ignored the inverse question of the ‘being of thought’. I attempt to fulfil the LAM program by elaborating Hegel's account of what it means to be a thinker.