摩根士丹利美股招股说明书(2026-05-11版)

Pricing Supplement No. 15,852 toRegistration Statement Nos. 333-293641; 333-293641-01Dated, 2026Rule 424(b)(2) Morgan Stanley Finance LLC STRUCTURED INVESTMENTSOpportunities in U.S. Equities $ Capped Leveraged S&P 500®Index-Linked Notes dueFully and Unconditionally Guaranteed by Morgan Stanley Principal at Risk Securities The notes are unsecured obligations of Morgan Stanley Finance LLC (“MSFL”) and are fully and unconditionallyguaranteed by Morgan Stanley. The notes will not bear interest.The amount that you will be paid on your notes onthe stated maturity date (expected to be the second scheduled business day after the determination date) is based on theperformance of the S&P 500®Index as measured from the trade date to and including the determination date (expected tobe between 13 and 15 months after the trade date). If the final underlier level on the determination date is greater than theinitial underlier level (set on the trade date and may be higher or lower than the actual closing level of the underlier on thetrade date), the return on your notes will be positive, subject to the maximum settlement amount (expected to be between$1,174.125 and $1,204.25 for each $1,000 face amount of your notes).However, if the final underlier level is less thanthe initial underlier level, the return on your notes will be negative. You could lose your entire investment in thenotes.The notes 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 yourinvestment. These notes are not secured obligations and you will not have any security interest in, or otherwisehave any access to, any underlying reference asset or assets. To determine your payment at maturity, we will calculate the underlier return, which is the percentage increase or decreasein the final underlier level from the initial underlier level. On the stated maturity date, for each $1,000 face amount of yournotes, you will receive an amount in cash equal to: ●if the underlier return ispositive(the final underlier level isgreaterthanthe initial underlier level), thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b) 125%times(c) the underlier return, subject to the maximum settlementamount; or●if the underlier return iszero or negative(the final underlier level isequal to or lessthanthe initial underlier level), thesumof (i) $1,000plus(ii) theproductof (a) the underlier returntimes(b) $1,000.If the underlier return is negative (the final underlier level is less than the initial underlier level), you will lose some orall of your investment. You should read the additional disclosure herein so that you may better understand the terms and risks of your investment. The estimated value on the trade date will be approximately $982.30 per note, or within $15.00 of that estimate.See “Estimated Value” on page 2. (1) Morgan Stanley & Co. LLC (“MS & Co.”) will sell all of the notes that it purchases from us to an unaffiliated dealer, which will receive a fixedsales commission of 1.36% for each note they sell. For more information, see “Additional Information About the Notes—Supplemental informationregarding plan of distribution; conflicts of interest.”(2) See “Additional Information About the Notes—Use of proceeds and hedging” beginning on page 17. The notes involve risks not associated with an investment in ordinary debt securities. See “RiskFactors” beginning on page 9. The Securities and Exchange Commission and state securities regulators have not approved or disapproved these notes, ordetermined if this document or the accompanying product supplement, index supplement, tax supplement and prospectus istruthful or complete. Any representation to the contrary is a criminal offense. The notes are not deposits or savings accounts and are not insured by the Federal Deposit Insurance Corporation or any othergovernmental agency or instrumentality, nor are they obligations of, or guaranteed by, a bank. You should read this document together with the related product supplement, index supplement, tax supplement andprospectus, each of which can be accessed via the hyperlinks below. Please also see “Terms” on page 3 and “AdditionalInformation About the Notes” on page 17. About Your Prospectus The notes are notes issued as part of MSFL’s Series A Global Medium-Term Notes program. This prospectusincludes this preliminary pricing supplement and the accompanying documents listed below. This preliminarypricing supplement constitutes a supplement to the documents listed below and should be read in conjunction withsuch documents: ●Prospectus dated April 8, 2026●Product Supplement dated April 8, 2026●Index Supplement dated April 8, 2026●Tax Supplement dated April 8, 2026 The information in this preliminary pricing supplement supersedes any conflicting information in the documentslisted above. In addition, some of the terms or features d