Morgan Stanley Finance LLC filed a preliminary pricing supplement (No. 17,650) on August 3, 2026, covering Market-Linked Notes due September 5, 2030, linked to the performance of the EURO STOXX 50 Index and fully and unconditionally guaranteed by Morgan Stanley (NYSE: MS).

Key Highlights

  • Principal protection: Under no circumstances will the payment at maturity be less than the stated principal amount of $1,000 per note.
  • Upside participation rate: The participation rate is set at 113% to 118%, to be determined on the pricing date of August 31, 2026.
  • Maturity date: The notes are scheduled to mature on September 5, 2030, with an observation date of September 2, 2030.
  • Estimated value: The estimated value on the pricing date is approximately $965.80 per note, or within $45.00 of that estimate, less than the $1,000 issue price.
  • No interest payments: The notes will pay no interest over their term.
  • Structuring fee: Selected dealers and their financial advisors may receive a structuring fee of up to $6.25 for each note from the agent or its affiliates.
  • CUSIP: 61781DCP1; the notes will not be listed on any securities exchange.

Terms and Structure of MSFL's EURO STOXX 50-Linked Notes

According to the filing, Morgan Stanley Finance LLC is the issuer of these notes under its Series A Global Medium-Term Notes program, with Morgan Stanley serving as guarantor. The notes are unsecured obligations, and the filing states that "all payments are subject to our credit risk." The stated principal amount is $1,000 per note, and the notes will be sold only to investors purchasing in fee-based advisory accounts. Morgan Stanley and Co. LLC ("MS and Co."), an affiliate of MSFL, is named as agent.

The filing describes the payment structure at maturity as follows: if the final level of the EURO STOXX 50 Index is greater than the initial level on the strike date of August 31, 2026, investors receive the stated principal amount plus an upside payment calculated as the stated principal amount multiplied by the participation rate multiplied by the underlier percent change. If the final level is equal to or less than the initial level, investors receive only the stated principal amount. The filing notes the notes are intended for investors "who are concerned about principal risk but seek a return based on the performance of the underlier, and who are willing to forgo current income."

Regarding valuation, the filing discloses that the $1,000 issue price "includes costs associated with issuing, selling, structuring and hedging the notes, which are borne by you," which is why the estimated value of approximately $965.80 per note is below the issue price. The filing also states that the secondary market price of the notes "may vary from, and be lower than, the estimated value on the pricing date." MS and Co. may, but is not obligated to, make a market in the notes, and may cease doing so at any time, according to the filing.

What Was Disclosed

This preliminary pricing supplement covers unsecured, principal-protected Market-Linked Notes issued by Morgan Stanley Finance LLC, linked to the EURO STOXX 50 Index, maturing September 5, 2030, with a participation rate of 113% to 118% and an estimated value of approximately $965.80 per note at pricing.