摩根士丹利美股招股说明书(2026-03-17版)

Preliminary Pricing Supplement No. 14,989Registration Statement Nos. 333-275587;333-275587-01Dated March 17, 2026 Morgan Stanley Finance LLC STRUCTURED INVESTMENTS Opportunities in U.S. Equities Trigger Jump Securities Based on the Value of the Common Stock of JPMorgan Chase & Co. dueMarch 23, 2028 Fully and Unconditionally Guaranteed by Morgan StanleyPrincipal at Risk Securities The Trigger Jump Securities, which we refer to as the securities, are unsecured obligations of Morgan Stanley Finance LLC (“MSFL”) and are fully and unconditionally guaranteed by Morgan Stanley. The securities will pay no interest and do not guarantee the return of any of the principal amount at maturity. Atmaturity, you will receive for each security that you hold an amount in cash that will vary depending on the performance of the common stock of JPMorganChase & Co., as determined on the valuation date. If the underlying stock appreciates or does not depreciate at all over the term of the securities, you willreceive for each security that you hold at maturity the upside payment of $359.10 per security in addition to the stated principal amount. If the final share priceis less than the initial share price but greater than or equal to the downside threshold level of 90% of the initial share price, meaning that the underlying stockhas depreciated by an amount less than or equal to 10%, you will receive a payment at maturity equal to the stated principal amount. However, if the final share willing to risk their principal and forgo current income and returns above the upside payment in exchange for the upside payment feature that applies to alimited range of performance of the underlying stock. The securities are notes issued as part of MSFL’s Series A Global Medium-Term Notes Program.All payments are subject to our credit risk. If we default on our obligations, you could lose some or all of your investment. These securities are not secured obligations and you will not have any security interest in, or otherwise have any access to, any underlying reference asset or assets. The securities involve risks not associated with an investment in ordinary debt securities. See “Risk Factors” beginning on page 6.The Securities and Exchange Commission and state securities regulators have not approved or disapproved these securities, or determined if this document or the accompanyingproduct supplement and prospectus is truthful or complete. Any representation to the contrary is a criminal offense.The securities are not deposits or savings accounts and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency or instrumentality, nor are theyobligations of, or guaranteed by, a bank. You should read this document together with the related product supplement and prospectus, each of which can be accessed via the hyperlinks below. When you read theaccompanying product supplement, please note that all references in such supplement to the prospectus dated November 16, 2023, or to any sections therein, should refer instead to theaccompanying prospectus dated April 12, 2024 or to the corresponding sections of such prospectus, as applicable. Please also see “Additional Terms of the Securities” and “AdditionalInformation About the Securities” at the end of this document. Morgan Stanley Finance LLC Trigger Jump Securities Based on the Value of the Common Stock of JPMorgan Chase &Co. due March 23, 2028 Investment Summary Trigger Jump Securities Principal at Risk Securities The Trigger Jump Securities Based on the Value of the Common Stock of JPMorgan Chase & Co.due March 23, 2028 (the “securities”) can be used: As an alternative to direct exposure to the underlying stock that provides a fixed return of35.91% if the underlying stock has appreciated or has not depreciated at all over the term ofthe securities; To potentially outperform the underlying stock in a moderately bullish scenario; and ￭To obtain limited protection against the loss of principal in the event of a decline of theunderlying stock over the term of the securities, but only if the final share priceis greater than If the final share price is less than the downside threshold level, the securities are exposed on a 1:1basis to the percentage decline of the final share price from the initial share price. Accordingly,investors may lose their entire initial investment in the securities. Maturity:Upside payment: Approximately 2 years$359.10 per security (35.91% of the stated principal amount) The original issue price of each security is $1,000. This price includes costs associated withissuing, selling, structuring and hedging the securities, which are borne by you, and, consequently,the estimated value of the securities on the pricing date will be less than $1,000. We estimate thatthe value of each security on the pricing date will be approximately $966.70, or within $25.00 of that What goes into the estimated value on the pricing date? In va