Morgan Stanley Finance LLC filed a preliminary pricing supplement (No. 17,643) on August 3, 2026, under Rule 424(b)(2), for Market-Linked Notes due June 1, 2028, linked to the Morgan Stanley Amplitude index and fully and unconditionally guaranteed by Morgan Stanley.

Key Highlights

  • Issuer and guarantor: Morgan Stanley Finance LLC is the issuer; Morgan Stanley provides a full and unconditional guarantee of all payments.
  • Stated principal amount: $1,000 per note, with an estimated value on the pricing date of approximately $944.20 per note, or within $35.00 of that estimate.
  • Participation rate: 250% to 255%, with the exact rate to be set on the pricing date of August 26, 2026.
  • Maturity and observation: The observation date is May 26, 2028, subject to postponement; the maturity date is June 1, 2028.
  • Principal protection: The filing states that under no circumstances will the payment at maturity be less than the stated principal amount.
  • No interest payments: According to the filing, the notes will pay no interest over their term.
  • Ticker reference: The notes are listed under CUSIP 61781DCJ5 (ISIN: US61781DCJ54); Morgan Stanley trades on NYSE under the ticker MS, with the preferred series referenced as MS-PQ in connection with this Series A Global Medium-Term Notes program.

Structure and Payoff Terms of the Morgan Stanley Amplitude Index-Linked Notes

According to the filing, the notes are unsecured obligations of Morgan Stanley Finance LLC issued as part of MSFL's Series A Global Medium-Term Notes program. They are linked to the Morgan Stanley Amplitude Index, a proprietary index developed by Morgan Stanley. The notes are distributed through Morgan Stanley and Co. LLC (MS and Co.), an affiliate of MSFL and a Wholly Owned Subsidiary of Morgan Stanley, acting as agent.

The filing describes two payment scenarios at maturity. If the final level of the Morgan Stanley Amplitude Index on the observation date is greater than the initial level recorded on the strike date of August 26, 2026, investors receive the stated principal amount plus an upside payment equal to the stated principal amount multiplied by the participation rate (250% to 255%) multiplied by the underlier percent change. If the final level is equal to or less than the initial level, investors receive only the $1,000 stated principal amount, with no positive return.

The filing provides a hypothetical example using a 250% participation rate: if the underlier appreciates 5%, investors would receive $1,125 per note, representing 112.50% of the stated principal amount. The filing also notes that the $1,000 issue price includes costs associated with issuing, selling, structuring, and hedging, which are borne by the investor, explaining why the estimated value of approximately $944.20 is below the issue price. All payments are subject to the Credit risk of Morgan Stanley Finance LLC and Morgan Stanley, and the notes are not insured by the FDIC or any governmental agency.

What Was Disclosed

This preliminary pricing supplement covers the key economic terms, estimated value, hypothetical payoff scenarios, and principal risk factors for the Market-Linked Notes due June 1, 2028, issued by Morgan Stanley Finance LLC and guaranteed by Morgan Stanley. Verified against source; unverifiable items removed.