Free Writing Prospectus (Form FWP)

Morgan Stanley Finance LLC Structured Investments

Free Writing Prospectus to Preliminary Pricing Supplement No. 9,321

Filed pursuant to Rule 433

Registration Statement Nos. 333-275587; 333-275587-01

July 15, 2025

Issuer and guarantor

Morgan Stanley Finance LLC (issuer) and Morgan Stanley (guarantor)

Underlying stocks

Affirm Holdings, Inc. class A common stock (the "AFRM Stock"), Marvell Technology, Inc. common stock (the "MRVL Stock"), The Trade Desk, Inc. class A common stock (the "TTD Stock"), Shopify Inc. class A subordinate shares (the "SHOP Stock") and UnitedHealth Group Incorporated common stock (the "UNH Stock")

Pricing date*

July 31, 2025

Original issue date*

August 5, 2025

Principal amount

$1,000 per note

Contingent coupon payments (with memory feature)

On each contingent coupon payment date, you will receive a contingent coupon payment at a per annum rate equal to the contingent coupon rate if, and only if, the stock closing price of the lowest performing underlying stock on the related calculation day is greater than or equal to its coupon threshold price. Each "contingent coupon payment", if any, will be calculated per note as follows: ($1,000 × contingent coupon rate) / 12.

In addition, if the stock closing price of the lowest performing underlying stock on one or more calculation days is less than its coupon threshold price and, on a subsequent calculation day, the stock closing price of the lowest performing underlying stock is greater than or equal to its coupon threshold price, the notes will pay the contingent coupon payment due for the subsequent calculation day plus all previously unpaid contingent coupon payments (without interest accruing on amounts previously unpaid).

Contingent coupon rate

At least 9.35% per annum, to be determined on the pricing date

Automatic call

If, on any calculation day (other than the final calculation day), beginning in July 2026, the stock closing price of each underlying stock is greater than or equal to its respective starting price, the notes will be automatically called for a cash payment per note equal to the principal amount plus a final contingent coupon payment and any previously unpaid contingent coupon payments on the related call settlement date.

Calculation days

Monthly, on the 28th of each month, commencing in August 2025 and ending on the final calculation day. We also refer to the July 2030 calculation day as the final calculation day.

Contingent coupon payment dates

Three business days after the applicable calculation day; provided that the coupon payment date for the final calculation day is the maturity date.

Call settlement date

Three business days after the applicable calculation day.

Maturity payment amount (per note)

If the notes are not automatically called, you will be entitled to receive on the maturity date a cash payment per note equal to the maturity payment amount (in addition to the final contingent coupon payment due at maturity and any previously unpaid contingent coupon payments, if payable). The "maturity payment amount" per note will equal:

●$1,000

Maturity date*

August 1, 2030

Starting price

With respect to each underlying stock, the stock closing price on the pricing date

Ending price

With respect to each underlying stock, the stock closing price on the final calculation day

Lowest performing underlying stock

On any calculation day, the underlying stock with the lowest performance factor on that calculation day

Performance factor

With respect to each underlying stock, on any calculation day, the stock closing price on such calculation day divided by the starting price (expressed as a percentage)

Coupon threshold price

80% of the starting price for each underlying stock

Calculation agent

Morgan Stanley & Co. LLC, an affiliate of the issuer

Denominations

$1,000 and any integral multiple of $1,000

Agent discount**

Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC will act as the agents for this offering. Wells Fargo Securities, LLC will receive a commission of up to $28.25 for each note it sells. Dealers, including Wells Fargo Advisors ("WFA"), may receive a selling concession of up to $20.00 per note, and WFA may receive a distribution expense fee of $0.75 for each note sold by WFA.

CUSIP

61778NMN8

Tax considerations

See preliminary pricing supplement

Risks Relating to an Investment in the Notes

●You may not receive any positive return on the notes.

●The notes do not provide for the regular payment of interest.

●The contingent coupon payment, if any, is based on the stock closing price of each underlying stock on only the related monthly calculation day at the end of the related interest period.

●Investors will not participate in any appreciation in the price of any underlying stock.

●The market price will be influenced by many unpredictable factors.

●The notes are subject to our credit risk, and any actual or anticipated changes to our credit ratings or credit spreads may adversely affect the market value of the notes.

●As a finance subsidiary, MSFL has no independent operations and will have no independent assets.

●Investing in the notes is not equivalent to investing in the underlying stocks.

●Reinvestment risk.

●The rate we are willing to pay for securities of this type, maturity and issuance size is likely to be lower than the rate implied by our secondary market credit spreads and advantageous to us. Both the lower rate and the inclusion of costs associated with issuing, selling, structuring and hedging the notes in the principal amount reduce the economic terms of the notes, cause the estimated value of the notes to be less than the principal amount and will adversely affect secondary market prices.

●The estimated value of the notes is determined by reference to our pricing and valuation models, which may differ from those of other dealers and is not a maximum or minimum secondary market price.

●The notes will not be listed on any securities exchange and secondary trading may be limited.

●The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect to the notes.

●Hedging and trading activity by our affiliates could potentially adversely affect the value of the notes.

●The maturity date may be postponed if the final calculation day is postponed.

●Potentially inconsistent research, opinions or recommendations by Morgan Stanley, MSFL, WFS or our or their respective affiliates.

Risks Relating to the Underlying Stocks

●There are risks associated with investments in securities linked to the value of foreign equity securities.

●You are exposed to the price risk of each underlying stock with respect to the contingent coupon payments, if any.

●No affiliation with Affirm Holdings, Inc., Marvell Technology, Inc., The Trade Desk, Inc., Shopify Inc. or UnitedHealth Group Incorporated.

●We may engage in business with or involving Affirm Holdings, Inc., Marvell Technology, Inc., The Trade Desk, Inc., Shopify Inc. or UnitedHealth Group Incorporated without regard to your interests.

●The antidilution adjustments the calculation agent is required to make do not cover every corporate event that could affect the underlying stocks.

●Historical closing prices of the underlying stocks should not be taken as an indication of the future performance of the underlying stocks during the term of the notes.