  We introduce and study the non-connective spectral stack $\mathcal
M_\mathrm{FG}^\mathrm{or}$, the moduli stack of oriented formal groups. We
realize some results of chromatic homotopy theory in terms of the geometry of
this stack. For instance, we show that its descent spectral sequence recovers
the Adams-Novikov spectral sequence. For two $\mathbb E_\infty$-forms of
periodic complex bordism $\mathrm{MP}$, the Thom spectrum and Snaith
construction model, we describe the universal property of the cover
$\mathrm{Spec}(\mathrm{MP})\to\mathcal M_\mathrm{FG}^\mathrm{or}$. We show that
Quillen's celebrated theorem on complex bordism is equivalent to the assertion
that the underlying ordinary stack of $\mathcal M_\mathrm{FG}^\mathrm{or}$ is
the classical stack of ordinary formal groups $\mathcal
M^\heartsuit_\mathrm{FG}$. In order to carry out all of the above, we develop
foundations of a functor of points approach to non-connective spectral
algebraic geometry.
