Microsoft's Copilot now fronts MongoDB's data as insiders sell $66.8 million and buy nothing
The Atlas connector for Microsoft 365 Copilot went generally available on November 3, making MongoDB the plumbing under a competitor's assistant. Revenue is growing 30%, but the interim chief executive sold $15.3 million of stock and no insider has bought in six months, so the discount is not the buy it looks like.
Richard Tang · 3 min read
MongoDB−2.04% — MongoDB, down 2.04 percent today put Microsoft+6.72% — Microsoft, up 6.72 percent today 365 Copilot in front of its customers on November 3, and the stock fell the same day 1. The Copilot connector is now generally available: an employee asks a question in Word, Excel, Teams or Copilot Chat, and Microsoft's assistant answers by querying that customer's live MongoDB Atlas clusters, under the user's own permissions, without copying anything into Microsoft's index 1.
This is more than a product launch. It changes which company the customer talks to, and MongoDB made the change while it has no permanent chief executive and its insiders are selling.
The assistant is now the interface
A database used to be reached through its own drivers, consoles and dashboards, so every path to the data ran through MongoDB's world. The new connector inverts that: Copilot reaches Atlas on demand through a model-context-protocol server that MongoDB hosts, and the person asks in Microsoft's tools 1.
MongoDB did the engineering and keeps control of permissions and governance. But the conversation, the usage habit and the meter that counts the work now sit on Microsoft's side. MongoDB built the same plumbing for coding agents in August, when it launched a hosted MCP server connecting Atlas to Claude Code, Codex and Devin 6, so Atlas is becoming infrastructure beneath several assistants. That is the position of a supplier, and no pricing has been published for Copilot-driven queries; customers are told to contact their account team 1.
The discount comes with selling, not buying
The bull case is intact: revenue grew 30% year over year last quarter, guidance was raised, and the stock trades below a $395 median analyst target 3.
Revenue growth reaccelerated into the connector launch: 30.5% year over year in the July quarter
Data
| Revenue | |
|---|---|
| Q1 '24 | $450.56M |
| Q2 '24 | $478.11M |
| Q3 '24 | $529.38M |
| Q4 '24 | $548.4M |
| Q1 '25 | $549.01M |
| Q2 '25 | $591.4M |
| Q3 '25 | $628.31M |
| Q4 '25 | $695.07M |
| Q1 '26 | $687.62M |
| Q2 '26 | $771.77M |
Two facts argue against treating the gap as a discount. Chief executive Chirantan "CJ" Desai stepped down effective immediately on September 28 to take a senior role at Meta+1.39% — Meta, up 1.39 percent today, and founder Dev Ittycheria returned on an interim basis while the board searches 2. Five weeks on, the seat is still open.
Ninety-nine sales, zero buys
And insiders have sold 99 times in six months with zero purchases, roughly $66.8 million in total, led by director Dwight Merriman 3. Ittycheria himself sold $15.3 million of stock, which an October filing paired with a one-time cash bonus and share grant, alongside a retention award for the chief financial officer 3.
MongoDB's insiders sold 99 times in six months and bought nothing
Six months of sales, no buys, and the returning founder sold $15.3 million of stock
Data
| Value | |
|---|---|
| Dwight Merriman | $28.2M |
| Roelof Botha | $17.5M |
| Dev Ittycheria | $15.3M |
| Michael Berry | $3.5M |
| Hope Cochran | $1.6M |
| Others | $0.6M |
The record is the answer to the governance-discount argument. A growth rate is worth buying at a discount when the people selling the story are also selling the stock, they are not, and the one executive who chose to come back monetized the choice on the way in.
What would change the call
Three things, in order of weight: a permanent chief executive, a single insider purchase, and a published price for Copilot-driven queries. The first restores control, the second signals insiders see value at these levels, and the third tells us whether Atlas queries routed through Microsoft's assistant are billed as MongoDB revenue or absorbed into someone else's subscription.
Until then, MongoDB owns the plumbing and Microsoft owns the conversation, and at roughly $28 billion of market value the shares price in a company that still owns both 7. The question for any reader of this story is not whether Atlas data is valuable. It is who bills for the answer.
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