There are, apparently, multiple propositions wrapped up in "I think therefore I am", and it looks to me like most of the answers posted so far are failing to take into account some of those.
One reasonable way of unpacking all the things it says, explicitly and implicitly, might be that it is a conjunction of:
- (A) I think, and
- (B) I am, and furthermore
- (C) for all x, if x thinks then x exists.
If we buy that, then "I think therefore I am" says "A and B and C".
However, we can observe that the B part is logically redundant, since it's a logical consequence of (A and C).
So, "I think therefore I am" is logically equivalent to simply "A and C".
So its negation is "not A or not C", i.e. "either I don't think, or there exists x who thinks but doesn't exist".
It is perhaps interesting to note that this negation has nothing to say about my existence (that is, it doesn't imply that I exist, and it doesn't imply that I don't exist).