If there is a hard drive I it, it does boot up. Otherwise it's gray screen with flashing floppy and pointer in the top left.

It boots itself on regardless if a keyboard is attached or not. So for some reason it isn't waiting for the power button on the KB to be pressed.

I replaced the caps on it months ago and initially thought I fixed it when I heard he boot chime, but quickly realized the pointer didn't move. Then I noticed it just booted straight up even without a keyboard attached.