Follow the below steps to solve the problem activating a Dell server OEM Microsoft Server license when using the supplied OEM disc to install the VM in Hyper-V. And you use the same key you use when installing the Hyper-V Host. Auto-activation failed, the activation screen had an error code listed and would not let me change the key, so I had to do it manually.

Steps I have used:

  1. open a cmd prompt run as Administrator and run the below commands.
  2. slmgr /upk (product key was uninstalled)
  3. slmgr /cpky (key was cleared from the registry)
  4. slmgr /rearm (command was successful and a reboot is needed)
  5. reboot the computer with this command, shutdown /r /t 0
  6. After the reboot you open a cmd prompt again and enter
  7. slmgr /ipk <product key here>. (use the key found the key on the server)
  8. slmgr /ato

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