fma is a very specific operation defined by an IEEE standard. BLAS axpy does not implement it.
If you extend the fma definition to linear algebra, then you'd arrive at a definition such as "no intermediate result will be rounded". The BLAS definition of axpy does not state that, and it's unlikely that any real-world implementation would do this.
I'd thus that that axpy is equivalent to muladd, without any requirement on intermediate results, or the order in which things are evaluated.
-erik