Morgan Stanley 424B Filings

Morgan Stanley Finance LLC priced a $1,094,000 issuance of structured Principal at Risk securities linked to the worst performing of XLV, SPY and XLU. Each security has a stated principal amount of $1,000, an issue price of $1,000 and an estimated value on the pricing date of $986.70.

The securities may auto‑redeem on the first determination date (June 25, 2027) for an early redemption payment of $1,336.50 if each underlier is at or above its call threshold. If not redeemed, final payoff at maturity (June 28, 2029) depends on the worst performing underlier, with a 15% buffer, a 200% participation rate for upside and a downside factor of 1.1765. All payments are subject to the issuer and guarantor credit risk.

Morgan Stanley Finance LLC offers contingent income auto-callable securities fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and a contingent annual coupon of 10.00% payable only if the underlier meets barrier tests on scheduled observation dates. The securities are principal‑at‑risk notes linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index, mature on July 8, 2031, and may be automatically redeemed early if the underlier is at or above a call threshold on specified redemption determination dates. Estimated value on the pricing date was approximately $907.20 per security. Investors bear credit risk of Morgan Stanley and may lose some or all principal if the final level is below the downside threshold (60% of the initial level).

Morgan Stanley Finance LLC is offering Principal at Risk structured notes due July 5, 2030 linked to the worst performing of the Dow Jones Industrial Average, Nasdaq-100 and Russell 2000. Each security has a $1,000 stated principal amount and a fixed $446.50 upside payment (44.65%) if each underlier is at or above its 70% downside threshold on the observation date (July 1, 2030).

If any underlier is below its downside threshold at the observation date, the maturity payment equals the stated principal multiplied by the performance factor of the worst performing underlier; there is no minimum payment and investors can lose their entire investment. The estimated value on the pricing date is approximately $980.00 per security. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC priced Buffered PLUS notes linked to the worst performing of the Dow Jones Industrial Average, the S&P 500® Index and the State Street® Utilities Select Sector SPDR® ETF. The notes have a $1,000 stated principal amount, an aggregate principal of $2,000,000, and a 400% leverage factor for upside subject to a $2,210 maximum payment per security. If the worst performing underlier finishes below its 85% buffer level, principal is lost 1% for each 1% decline beyond the 15% buffer, with a minimum payment of 15% of principal. All payments are subject to issuer and guarantor credit risk and the estimated value on the pricing date was $961.70 per security.

Morgan Stanley Finance LLC priced Structured Investments Enhanced Buffered Jump Securities—principal-at-risk notes linked to the S&P 500® Index with a $1,000 stated principal per security. The securities mature on August 2, 2027 with the observation date of July 28, 2027. If the final level is at or above a buffer level equal to 85% of the initial level, holders receive the stated principal plus an upside payment of at least $77.50 per security. If the final level is below the buffer level, holders bear losses beyond the 15% buffer at a downside factor of 1.1765, which can result in a total loss of principal. The issue price is $1,000 per security, with an estimated value on the pricing date of approximately $984.40 per security. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; payments are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC is offering Structured Investments — Enhanced Buffered Jump Securities linked to the S&P 500® Index with a $1,000 stated principal amount per security and an aggregate principal amount of $760,000. The notes pay no interest and do not guarantee principal. At maturity on July 9, 2027, if the final level is at or above the buffer level, holders receive the stated principal plus a fixed $90.90 upside payment. If the final level is below the buffer level (the buffer equals 90% of the initial level), holders incur losses of 1.1111% of principal for every 1% decline beyond the buffer; there is no minimum payment and investors could lose their entire investment. The original issue price is $1,000 with an estimated value on the pricing date of $986.20. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering Principal at Risk contingent income auto-callable securities tied to The Goldman Sachs Group, Inc. common stock with a stated principal amount of $1,000 per security and an aggregate principal amount of $4,950,000. The securities pay a contingent coupon at an annual rate of 13.40% on each coupon payment date only if the closing level of the underlier is at or above the coupon barrier level on the related observation date. The securities may be automatically redeemed on scheduled redemption determination dates if the closing level is at or above the call threshold level, in which case holders receive the stated principal plus the contingent coupon for that period. If not redeemed, at maturity investors receive the stated principal only if the final level is at or above the downside threshold level; if the final level is below that threshold, the payment equals the stated principal multiplied by the performance factor and could be significantly less than principal or zero. All payments are subject to the issuer’s and guarantor’s credit risk; the estimated value on the pricing date was $971.80 per security.

Morgan Stanley Finance LLC prices contingent-income auto-callable notes fully and unconditionally guaranteed by Morgan Stanley, offering principal-at-risk securities tied to the common stock of JPMorgan Chase & Co.

The offering is $1,709,000 aggregate in $1,000 denominations, issued at $1,000 with an estimated value of $972.60 on the pricing date. The notes pay a contingent coupon of 8.60% per annum on specified observation dates and are subject to automatic early redemption if the underlier closes at or above the call threshold of $333.45 on any redemption determination date. If not called, principal is repaid at maturity, June 28, 2029, only if the final level is at or above the downside threshold of $233.415 (70% of initial level); otherwise investors suffer proportional principal loss.

Morgan Stanley Finance LLC is offering Structured Investments — Buffered Jump Securities — with an aggregate principal amount of $500,000, fully and unconditionally guaranteed by Morgan Stanley. The securities have a $1,000 stated principal amount each and an original issue price of $1,000 per security; the estimated value on the pricing date was $976.80 per security. These principal-at-risk notes reference the MSCI Emerging Markets Index, include an automatic early redemption feature (first determination date July 7, 2027), a 25% downside buffer and a downside factor of 1.3333. If not called and the final level is above the initial level, investors receive the stated principal plus a 125% participation rate on appreciation; if the final level is between the buffer and initial level, investors receive the stated principal; if the final level is below the buffer, investors bear amplified losses and could lose their entire investment. All payments are subject to issuer credit risk.

Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering U.S. dollar‑denominated, EURO STOXX® Banks index‑linked Digital Notes (principal at risk) with a Face Amount of $1,000 per note. The notes do not pay interest; maturity payment depends on the Final Underlier Level on a Determination Date expected between 47 and 50 months after the trade date.

If the Final Underlier Level is ≥ 80% of the Initial Underlier Level, each note will pay a capped Maximum Settlement Amount (expected to be between $1,468.50 and $1,549.70 per $1,000 face amount). If the Final Underlier Level is < 80% of the Initial Underlier Level, holders receive a reduced Cash Settlement Amount calculated using a Buffer Rate of 125.00%, and they may lose some or all principal. The issuer estimates the Trade Date value at approximately $946.60 per note; the public price is $1,000 with an agent commission of $40 (4.00%) per note.

Morgan Stanley Finance LLC is offering Principal at Risk Buffered Participation Securities linked to the S&P 500® Index with a $1,000 stated principal amount per security. The securities have a 15% downside buffer, 100% participation on upside, a 15% minimum payment and a capped maximum payment of $1,130.50. The strike and pricing dates are July 1, 2026, original issue date is July 7, 2026, and maturity is August 5, 2027. Estimated value on the pricing date is approximately $991.00 per security. Payments depend on the closing final level of the index on the observation date and are subject to Morgan Stanley Finance LLC credit risk and the unconditional guarantee of Morgan Stanley.

Morgan Stanley Finance LLC is offering structured, principal-at-risk notes linked to the worst performing of the Russell 2000® and the S&P 500®, with a stated principal amount of $1,000 per security. The securities do not pay interest and include a 20% buffer that protects against losses up to 20% of the initial level of the worst performing underlier. If the worst performing underlier is above its initial level at the observation date, holders receive the principal plus 100% participation in upside subject to a maximum payment of $1,253.50 (125.35%). If the worst performing underlier falls below its buffer level, investors lose 1% for each 1% decline beyond the buffer, subject to a minimum payment of 20% of principal. All payments are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley and remain subject to issuer credit risk.

Morgan Stanley Finance LLC is offering Principal at Risk auto-callable securities due July 3, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $942.40. The securities may be automatically redeemed on scheduled determination dates beginning July 1, 2027, or pay at maturity based on the worst performing of the EURO STOXX 50®, Nasdaq-100® and S&P 500® indices, with downside protection only to a 70% threshold; if the worst underlier finishes below that threshold investors lose principal proportionally.

The offering does not pay interest, investors do not participate in any upside of the underliers, and all payments are subject to Morgan Stanley’s credit risk. The aggregate offering amount and agent commissions are not specified in this preliminary pricing supplement.

Morgan Stanley Finance LLC is offering Principal at Risk auto-callable securities linked to the common stock of Marvell Technology, Inc. The notes have a stated principal of $1,000 per security, an original issue date of July 1, 2026 and mature on June 28, 2029. They pay a fixed annual coupon of 19.20% (monthly payments) and can be automatically redeemed early if the underlier’s closing level is ≥ the call threshold of $281.26 on specified redemption determination dates. At maturity, if the final level is ≥ the downside threshold of $168.756 (60% of the initial level), holders receive principal; if below, principal is multiplied by final/initial level and could be significantly reduced or zero. All payments are subject to issuer and guarantor credit risk and U.S. federal income tax treatment is uncertain.

The offering is a structured note issued by Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, with a stated principal of $1,000 per security. The notes pay a fixed annual coupon of 10.25% (monthly payments) and mature on June 29, 2028. The securities are auto-callable beginning with a redemption determination date of June 24, 2027 if the closing level of each underlier meets its call threshold. The underliers are Genuine Parts Company common stock (initial level $112.99) and the S&P 500® Index (initial level 7,357.49). If not auto-redeemed, repayment at maturity depends on the worst performing underlier: if that underlier’s final level is below its downside threshold (65% of initial), principal is reduced pro rata and could be zero. Observation date: June 26, 2028. Estimated value on the pricing date: approximately $976.90 per security. All payments are subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC offers a preliminary pricing supplement for Structured Investments — Buffered Jump Securities with an Auto-Callable feature due June 30, 2031, fully and unconditionally guaranteed by Morgan Stanley. The securities are issued in $1,000 denominations with an issue price of $1,000 per security and an estimated value on the pricing date of approximately $982.90. The notes provide no regular interest, a 20% buffer and a minimum payment at maturity of 20% of principal. Automatic early redemption can occur beginning with the first determination date on July 2, 2027 if the closing level of each underlier meets or exceeds its call threshold (each set equal to its initial level). Call thresholds/initial levels are: INDU 51,920.62, SPX 7,357.49, XLP $83.94. If not redeemed, payment at maturity depends on the worst performing underlier: a fixed positive payment up to $1,600 if all underliers meet call thresholds, return of principal if all are at or above buffer levels, or a reduced payment reflecting losses beyond the 20% buffer. Early redemption payments per security range from $1,120 (first) to $1,570 (sixteen). All payments are subject to issuer credit risk.

Morgan Stanley Finance LLC priced buffered jump securities (auto-callable) due July 1, 2031, guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $920.80. The securities pay no regular interest, may be automatically redeemed beginning on the first determination date of July 2, 2027 if the underlier meets the 90% call threshold, and otherwise pay at maturity based on the final level relative to an 85% buffer. If the final level is below the buffer, investors lose 1% of principal for each 1% decline beyond the buffer, subject to a minimum payment of 15% of principal. The underlier is the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index (inception March 14, 2022); its closing level on June 24, 2026 was 1,344.60. All payments are subject to Morgan Stanley Finance LLC credit risk and the securities include hedging, structuring and distribution costs embedded in the $1,000 issue price.

Morgan Stanley Finance LLC priced contingent income auto-callable securities linked to Tesla, Inc. stock, due June 29, 2028. Each note has a $1,000 stated principal amount, an annual contingent coupon of 11.40%, and automatic early redemption beginning with the September 25, 2026 determination date.

The initial level and call threshold are $375.12; the coupon barrier and downside threshold are $187.56 (50% of the initial level). If not called, maturity payoff returns principal only if the final level is at or above the downside threshold; otherwise payment equals principal multiplied by final/initial level, exposing investors to full principal loss risk. All payments are subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC is offering Structured Investments: Contingent Income Memory Buffered Auto-Callable Securities linked to Super Micro Computer, Inc. common stock, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, a 39.00% per annum contingent coupon, automatic early redemption opportunities beginning October 2026, and maturity on July 13, 2027.

The securities pay contingent coupons only if the underlier’s closing level meets the coupon barrier of $19.008 on observation dates; automatic redemption occurs if the closing level meets the call threshold of $31.68 on redemption determination dates. At maturity, if the final level is below the buffer level of $19.008, investors suffer losses determined by a 1.6667 downside factor applied beyond a 40% buffer. All payments are subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC priced a principal-at-risk structured note linked to the Nasdaq-100 Index with a $1,000 stated principal amount per security and a fixed $95 upside payment (9.50%). The securities carry a 20% buffer (buffer level 23,552.256, initial level 29,440.32) and a 1.25 downside factor: if the underlier finishes below the buffer, investors lose 1.25% of principal for each 1% decline beyond the buffer. The securities pay no interest, are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley; all payments depend on Morgan Stanley’s credit. The stated issue price is $1,000 with an estimated value on the pricing date of approximately $988.80. Maturity is July 13, 2027 with observation date July 8, 2027.

Morgan Stanley Finance LLC published a Preliminary Pricing Supplement for Trigger PLUS securities due July 5, 2030 linked to the S&P 500® Futures Excess Return Index. The securities have a $1,000 stated principal amount per security and an issue price of $1,000.

Key terms: strike and pricing date June 30, 2026, observation date July 1, 2030, estimated value on the pricing date approximately $984.30, a leverage factor of 202% for upside, and a downside threshold equal to 70% of the initial level. Payment at maturity depends on the final level relative to the initial level and the downside threshold; if the final level is below the threshold, investors lose 1% of principal for each 1% decline in the underlier and could lose their entire principal.

Morgan Stanley Finance LLC is offering Structured Investments — Enhanced Buffered Jump Securities due July 9, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and a fixed $75 upside payment (7.50%) if the worst performing underlier finishes at or above its 75% buffer level. If the worst performing underlier finishes below its buffer level, losses apply at a 1.3333% downside factor for each 1% decline beyond the 25% buffer; there is no minimum payment and principal may be lost. Observation date: July 6, 2027. Pricing/strike date: June 26, 2026. Estimated value on the pricing date was approximately $990.30 per security.

Morgan Stanley Finance LLC offers market-linked, auto-callable principal-at-risk securities due July 6, 2029, guaranteed by Morgan Stanley, with a face amount of $1,000 per security.

The preliminary pricing shows a price to public of $1,000, agent commissions up to $25.75 per security, net proceeds to the issuer of $974.25 per security, and an estimated value on the pricing date of approximately $948.40 (± $30.00). The securities link payoff to the lowest performing of BABA ADS, IBM common stock and BX common stock, feature a 400% participation rate on positive performance (subject to a maximum benefit cap), a call premium target of at least approximately 48.30% on the first call date, and potential loss exposure exceeding 50% if the lowest performing underlying closes below its 50% threshold.

Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering Principal at Risk auto-callable securities linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. The stated principal amount is $1,000 per security with an aggregate principal amount of $854,000. Each security pays a contingent coupon at an annual rate of 8.15% on observation dates if the underlier is at or above the coupon barrier level. The securities can automatically redeem early if the underlier is at or above the call threshold (90% of the initial level = 2,947.563) on a redemption determination date. If not redeemed, at maturity on June 26, 2031 investors receive principal only if the final level is at or above the downside threshold (60% of the initial level = 1,965.042); otherwise payment equals stated principal multiplied by the performance factor (final level / initial level) and could be significantly less than principal or zero. The initial level was 3,275.07 and the estimated value on the pricing date was $914.00 per security. The issue price is $1,000 with agent commissions of $41.50 per security. All payments are subject to Morgan Stanley’s credit risk and the securities do not participate in upside of the underlier.

Morgan Stanley Finance LLC offers $4,100,000 of Trigger Autocallable Notes linked to the Nasdaq-100 Index® due June 26, 2031, fully guaranteed by Morgan Stanley. The Securities have a $10 Issue Price, an estimated Trade Date value of $9.668 per Security and a minimum investment of $1,000.

The notes pay no interest, may be automatically called on quarterly Observation Dates beginning June 29, 2027 if the Underlying closes at or above the Initial Level (29,347.27), and return the principal plus a fixed Call Return Rate of 10.86% per annum (Call Returns increase by Observation Date up to 54.30% at maturity). If not called, repayment at maturity depends on the Final Level relative to the Downside Threshold of 22,010.45 (approximately 75% of the Initial Level); a Final Level below that threshold results in a principal loss proportional to the Underlying Return. All payments are subject to issuer credit risk.

Morgan Stanley Finance LLC is offering Principal at Risk structured notes linked to the Class A ordinary shares of Nebius Group N.V. The securities have a stated principal amount of $1,000 per security, an issue price of $1,000, and an estimated value on the pricing date of $953.10. If the final level on the observation date (scheduled June 28, 2027) is at or above the downside threshold ($141.805, 50% of the initial level), holders will receive the stated principal plus a fixed upside payment of $632.50 (63.25%). If the final level is below the downside threshold, the payment equals the stated principal multiplied by the performance factor (final level / initial level), and investors can lose up to their entire principal. The aggregate principal offered is $600,000. All payments are subject to the issuer’s and guarantor’s credit risk; the securities do not pay interest and are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley.

Morgan Stanley Finance LLC is offering $4,510,000 of Step Down Trigger Autocallable Notes due June 28, 2029, fully guaranteed by Morgan Stanley. Each Security has a $10 principal amount and a Trade Date estimated value of $9.667. The notes link to the least performing of the EURO STOXX 50® (SX5E) and the S&P 500® (SPX).

The notes auto-call quarterly beginning June 29, 2027 if both Underlyings close at or above their Initial Underlying Values (or at/above 80% Downside Thresholds on the Final Observation Date). Quarterly fixed Call Return Rates start at 10.66% per annum (Call Price $11.0660) and reach 31.98% at the Final Observation Date (Call Price $13.1980). If not called, repayment at maturity equals $10 × (1 + Underlying Return of the Least Performing Underlying), exposing investors to a 1:1 loss on the least performing index below its Downside Threshold.

Morgan Stanley Finance LLC is offering structured, auto-callable Jump Notes due July 6, 2033 that are fully and unconditionally guaranteed by Morgan Stanley. The notes have a stated principal amount of $1,000 per note, an estimated value on the pricing date of approximately $937.70 per note, and an automatic early‑redemption feature tied to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index.

The notes pay no interest. If the underlier’s closing level on any determination date (beginning with June 30, 2027) is greater than or equal to the call threshold level (set at 95% of the initial level), the notes will be automatically redeemed for fixed early redemption payments corresponding to approximately 6.55% per annum. If not redeemed early and the final level on the final determination date (June 30, 2033) is at or above the call threshold level, investors receive a fixed positive payment at maturity; otherwise they receive the stated principal amount.

Morgan Stanley Finance LLC priced a $939,000 offering of Dual Directional Buffered PLUS notes linked to the common stock of Blackstone Inc. Each note has a stated principal amount of $1,000, an original issue price of $1,000 and an estimated value on the pricing date of $985.20. The notes mature on June 28, 2028 and pay at maturity based on the closing level of the underlier on the observation date, subject to a 20% buffer, a 150% leverage factor on upside (capped at $1,628.50 per security), and a 20% minimum payment at maturity.

The securities are unsecured obligations of MSFL, fully guaranteed by Morgan Stanley, do not pay interest, and expose investors to Morgan Stanley credit risk as well as market risk in the underlier. The document amends Pricing Supplement No. 16,557 and incorporates the product supplement, tax supplement and prospectus.

Morgan Stanley Finance LLC offers $2,951,000 aggregate principal of callable, principal-at-risk notes fully and unconditionally guaranteed by Morgan Stanley. The securities pay a contingent coupon at an annual rate of 14.00% on each interest period only if the closing level of each underlier meets its coupon barrier on the applicable observation date. The notes are linked to the worst performing of the Dow Jones Industrial Average, the Russell 2000 and the State Street Technology Select Sector SPDR ETF, carry an initial issue price of $1,000 per security and may be redeemed early on specified redemption dates beginning December 22, 2026 if a risk neutral valuation model indicates early redemption is economically rational for the issuer. At maturity on June 22, 2029, investors receive principal if each underlier is at or above its buffer level (80% of initial levels); otherwise payment is reduced by 1% for each 1% decline of the worst performing underlier beyond the 20% buffer, subject to a minimum payment of 20% of principal.

Morgan Stanley Finance LLC is offering principal-at-risk, contingent-coupon auto-callable securities linked to Microsoft Corporation common stock, fully and unconditionally guaranteed by Morgan Stanley. The stated principal amount is $1,000 per security. The securities pay a contingent coupon at an annual rate of 13.00% only if the closing level of the underlier on each observation date is at or above a coupon barrier equal to 70% of the initial level. Automatic early redemption occurs on scheduled redemption determination dates (first on January 4, 2027) if the closing level is at or above the call threshold (100% of the initial level); early redemption pays the stated principal plus the applicable contingent coupon. If not redeemed, maturity is August 5, 2027; if the final level is below the downside threshold (70% of the initial level), payment at maturity equals stated principal multiplied by final/initial level, exposing investors to full downside loss. The estimated value on the pricing date is approximately $985.70 per security. All payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC is offering Principal at Risk structured notes ("PLUS") linked to the worst performing of the Nasdaq-100 Index, the S&P 500 Index and the Vanguard Information Technology ETF with a stated principal amount of $1,000 per security.

At maturity on July 3, 2031, if the worst performing underlier has appreciated, investors receive the stated principal plus a 178% leverage factor on that appreciation; if any underlier has declined, investors lose 1% of principal for each 1% decline of the worst performing underlier. The estimated value on the pricing date was approximately $972.20 per security. All payments are subject to the credit risk of Morgan Stanley and the securities do not pay interest or guarantee return of principal.

Morgan Stanley Finance LLC is offering principal-at-risk, contingent income auto-callable securities linked to Microsoft Corporation common stock. Each security has a stated principal amount of $1,000 and an original issue price of $1,000. The securities pay a contingent coupon at an annual rate of 10.75% on observation dates when the underlier meets the coupon barrier and may be automatically redeemed early if the closing level meets the call threshold. The coupon barrier level and downside threshold are each set at 70% of the initial level; the call threshold is 100% of the initial level. If not called and the final level is below the downside threshold, payment at maturity is the stated principal multiplied by the performance factor and could be significantly less than principal or zero. The pricing date and strike date are July 1, 2026, original issue date is July 7, 2026, final observation date is August 2, 2027, and maturity date is August 5, 2027. The estimated value on the pricing date is approximately $971.50 per security. All payments are subject to Morgan Stanley Finance LLC and Morgan Stanley credit risk.

Morgan Stanley Finance LLC is offering Digital S&P 500® Index-Linked Notes due August 9, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 Face Amount and a Maximum Settlement Amount of $1,102.60 per note if the Final Underlier Level is at or above the Threshold Level.

Payment at maturity depends on the S&P 500® Index performance from the Strike Date: June 23, 2026 to the Determination Date: August 5, 2027. The notes provide a 10% downside buffer (Threshold Level = 6,628.914, 90% of the Initial Underlier Level) and a Buffer Rate of approximately 111.11%; if the index declines by more than 10%, investors may lose some or all principal. The estimated value on the Trade Date is $988.80 per note and the price to public is $1,000 with agent commissions of $8.30 per note.

Morgan Stanley Finance LLC is offering S&P 500® Index-linked digital notes (Face Amount $1,000 per note) that are unsecured obligations of MSFL and fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and return either a capped positive payoff (Maximum Settlement Amount expected between $1,116.80 and $1,137.40 per $1,000) if the Final Underlier Level is at least 90% of the Initial Underlier Level, or a downside cash settlement that can result in a partial or total loss of principal if the Final Underlier Level is below 90% of the Initial Underlier Level. The estimated value on the Trade Date is approximately $997.50 per note. The Determination Date and Stated Maturity Date will be set on the Trade Date (expected term between 16 and 18 months). All payments are subject to issuer credit risk; the Calculation Agent is MS & Co.

Morgan Stanley Finance LLC is offering principal-at-risk, callable contingent income securities due April 11, 2028, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and a contingent coupon payable at an annual rate of 12.00% only if all three underliers meet coupon barrier levels on each observation date. The securities are linked to the worst performing of the Russell 2000® Index, the State Street® Health Care Select Sector SPDR® ETF (XLV) and the State Street® Technology Select Sector SPDR® ETF (XLK). The issuer may redeem early on specified redemption dates beginning January 11, 2027 if a risk neutral valuation model indicates redemption is economically rational. At maturity, investors either receive principal (if all underliers are at or above their downside thresholds) or a principal payment reduced in proportion to the loss of the worst performing underlier.

Morgan Stanley Finance LLC is offering callable, principal-at-risk structured notes linked to the worst performing of the S&P 500® Index, the State Street Energy Select Sector SPDR® ETF (XLE) and the State Street SPDR® S&P® Regional Banking ETF (KRE). The securities have a $1,000 stated principal amount per security and an issue price of $1,000.

The notes pay a contingent coupon at an annual rate of 12.40% on each coupon payment date only if the closing level of each underlier is at or above its coupon barrier on the related observation date. The securities mature on July 13, 2029 (final observation date July 10, 2029) and are subject to early redemption beginning on January 14, 2027 if a risk neutral valuation model indicates calling is economically rational. If any underlier’s final level is below its downside threshold (70% of initial level), payment at maturity is the stated principal multiplied by the worst performing underlier’s performance factor, which could result in a substantial loss or zero return. All payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC offers Principal‑at‑Risk securities linked to the S&P 500® Index. Each note has a $1,000 stated principal amount and will mature on July 22, 2031. If the index is at or above the initial level on the observation date, holders receive the stated principal plus a fixed $475 upside payment per security. If the index falls but remains at or above a 75% downside threshold of the initial level, holders receive the principal plus a positive return equal to the absolute decline multiplied by a 100% participation rate (capped effectively at 25% in these terms). If the final level is below the downside threshold, holders suffer proportional losses to principal (for example, an 85% decline would pay $150 per security). All payments are unsecured and subject to Morgan Stanley’s credit risk; estimated value on the pricing date was approximately $958.60 per security.

Morgan Stanley Finance LLC is offering Buffered PLUS notes linked to the State Street® Technology Select Sector SPDR® ETF with a stated principal amount of $1,000 per security. The notes provide 115% leveraged upside subject to a $1,750 maximum payment and a 20% buffer (80% buffer level). At maturity, investors receive principal plus the leveraged upside if the final level exceeds the initial level; if the final level falls below the buffer level, investors suffer losses beyond the buffer on a 1%-for-1% basis, subject to a minimum payment of 20% of principal. The preliminary pricing supplement shows an estimated value on the pricing date of approximately $981.30 per security and states all payments are subject to the issuer’s and guarantor’s credit risk. The pricing, strike and observation dates are listed and additional terms are governed by referenced supplements and the prospectus.

Morgan Stanley Finance LLC priced a preliminary offering of principal‑at‑risk, auto‑callable structured notes due July 12, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000, an early redemption feature with an early redemption payment of $1,208.50 on the first determination date (July 15, 2027), and a participation rate of 150% for upside at maturity.

The notes are linked to the worst performing of the Nasdaq‑100, Russell 2000 and S&P 500 indices; a downside threshold is set at 70% of each underlier's initial level and the securities will pay at maturity either the stated principal, the stated principal plus the upside payment, or an amount reduced in proportion to the worst performing underlier (losses of 1% for each 1% decline below the downside threshold). The pricing and strike dates are July 8, 2026; the estimated value on the pricing date is approximately $960.50 per security.

Morgan Stanley is offering Trigger PLUS principal-at-risk securities due July 20, 2028 through Morgan Stanley Finance LLC, with a stated principal amount of $1,000 per security. The securities link to the Nasdaq-100 and S&P 500 indices, pay no interest and are fully guaranteed by Morgan Stanley.

Key economic terms in this preliminary pricing supplement include an estimated value of approximately $973.20 on the pricing date, a leverage factor of 114.50% for upside, and a downside threshold equal to 70% of each underlier's initial level. The observation date is July 17, 2028 (maturity July 20, 2028), and the payment at maturity is determined by the performance of the worst performing underlier, which can result in full loss of principal.

Morgan Stanley is offering principal‑at‑risk structured notes issued by Morgan Stanley Finance LLC due February 1, 2029 with an issue price of $1,000 per security and an estimated value on the pricing date of approximately $956.80. The notes pay a contingent coupon at an annual rate of 5.50% on each coupon payment date only if the closing level of both the Nasdaq-100 Index and the Russell 2000 Index are at or above their coupon barrier levels on the related observation dates. The notes are automatically redeemable on specified redemption determination dates if both underliers meet call thresholds (90% of initial level). At maturity investors either receive principal or incur losses tied to the worst performing underlier beyond a 20% buffer, subject to a minimum payment of 20% of principal. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC is offering Principal at Risk notes due July 22, 2031, fully guaranteed by Morgan Stanley, linked to the EURO STOXX 50® Index. The notes have a $1,000 stated principal and an issue price of $1,000. At maturity the payoff depends on the index level on the observation date: if the final level is at or above the initial level investors receive principal plus the greater of the index percent gain or an $510 upside payment (51%). If the final level is below the initial level but at or above a 75% downside threshold, investors receive principal plus a positive return equal to the absolute decline multiplied by a 100% participation rate (capped effectively at 25%). If the final level is below the 75% threshold, investors lose 1% of principal for each 1% decline in the index, and could lose their entire investment. Estimated value on pricing date is approximately $950.90 per security.

Morgan Stanley Finance LLC offers principal‑at‑risk structured notes linked to the S&P 500® Index with a stated principal amount of $1,000 per security and an issue price of $1,000. The securities mature on July 29, 2027 and pay a fixed upside payment of $101.30 (10.13%) if the final level is greater than or equal to the downside threshold; otherwise the payment at maturity equals the stated principal amount multiplied by the performance factor and could be significantly less or zero. The estimated value on the pricing date was approximately $985.50 per security and all payments are subject to the credit risk of Morgan Stanley and MSFL. The offering includes placement agent fees of up to $10.42 per $1,000 stated principal amount and proceeds to the issuer of $989.58 per security. Terms are subject to the accompanying product supplement, index supplement, tax supplement and prospectus.

Morgan Stanley Finance LLC offers Structured Investments — Enhanced Buffered Jump Securities — fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and a fixed upside payment of at least $155 (15.50%). The securities mature on July 13, 2027 with an observation date of July 8, 2027. If the final level is at or above the buffer level (85% of the initial level), holders receive principal plus the upside payment. If the final level is below the buffer level, holders incur a loss equal to the underlier decline beyond the 15% buffer multiplied by a 1.1765 downside factor; there is no minimum payment at maturity. The estimated value on the pricing date was approximately $984.30 and the issue price is $1,000 per security (agent commission $10, proceeds to issuer $990).

Morgan Stanley Finance LLC is offering structured, principal‑at‑risk notes due July 29, 2027 that reference the S&P 500® Index and are fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an issue price of $1,000.

At maturity investors receive the stated principal plus a fixed upside payment of $91 (9.10%) if the final level is at or above the downside threshold (80% of the initial level). If the final level is below the downside threshold, the payment equals the stated principal multiplied by final/initial level (1% loss per 1% index decline), and could be zero. Estimated value on the pricing date is approximately $985.50 per security. All payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC offers structured, principal-at-risk notes linked to IBM stock. Each security has a $1,000 stated principal amount, a fixed upside payment of $164.40 and a 25% buffer (buffer level $197.22), with downside losses multiplied by a 1.3333 downside factor. The securities settle on July 12, 2027, with observation on July 7, 2027, and are guaranteed by Morgan Stanley. The estimated value on the pricing date was approximately $984.20 and the issue price is $1,000 per security.

Morgan Stanley Finance LLC is offering principal-at-risk callable contingent income securities linked to the worst performing of the Dow Jones Industrial Average, the Russell 2000® Index and the State Street® Technology Select Sector SPDR® ETF. Each security has a $1,000 stated principal amount, a 13.80% per annum contingent coupon and a maturity on July 6, 2029. Coupons are paid only if the closing level of each underlier meets or exceeds its coupon barrier on specified observation dates; principal is repaid at maturity only if each underlier is at or above its downside threshold, otherwise the payment equals the stated principal multiplied by the performance factor of the worst performing underlier. The notes are callable beginning on January 7, 2027 based on the output of a risk neutral valuation model selected by the calculation agent. All payments are subject to issuer and guarantor credit risk; the estimated value on the pricing date was approximately $982.80 per security.

Morgan Stanley Finance LLC priced Principal at Risk securities linked to the S&P 500® Index. Each security has a $1,000 stated principal amount and a fixed $81 upside payment (8.10%) if the final level on the observation date is at or above the downside threshold. The initial level is 7,358.22 (strike date June 24, 2026), the downside threshold is 5,518.665 (75% of the initial level), the observation date is July 26, 2027, and maturity is July 29, 2027. If the final level is below the downside threshold, the payment equals the stated principal multiplied by the performance factor (final level ÷ initial level), and investors may lose up to their entire principal. The estimated value on the pricing date was approximately $985.50 per security and the issue price is $1,000 per security. All payments are subject to Morgan Stanley Finance LLC’s and Morgan Stanley’s credit risk.