When installing SQL Server 2025 Standard, the predefined license key embedded in the setup is typically used for installation and activation of the software. This key is automatically detected during the installation process. On the other hand, the key available in the licensing portal is a separate volume licensing product key that you can use if you have a specific licensing agreement or if you need to activate the software in a different manner, such as for a different installation or deployment scenario.
If you are installing SQL Server for production use and have a volume licensing agreement, it is generally recommended to use the key from the licensing portal. The predefined key may be intended for evaluation or specific use cases, while the licensing portal key is tied to your organization's licensing terms.
In summary, if you have a valid volume licensing key, use that one for your installation to ensure compliance with your licensing agreement.
References: