Sorry, may be I am not too clear about the question. I am using Cubase 9 right now, so my activated license is a Cubase 9 license at the moment. I have bought and registered a 9.5 update (but not activated yet). If I activated it right now, do you mean a Cubase 10 license will be activated? Is it possible to activate a 9.5 license right now, so that I can activate the Cubase 10 later?