If using Exchange 2019 RTM or CU1–CU11, download the latest Cumulative Update 14 (CU14) or newer from the Microsoft Download Center. Newer CUs have better key handling.
Fix: "Product Key Invalid" Error When Installing Exchange Server 2019 exchange 2019 product key invalid
When attempting to install Microsoft Exchange Server 2019 (typically the Cumulative Update or the RTM version), you receive the error message: "The product key is invalid. Please enter a valid product key." This occurs even when using a legitimate Volume License (VL) key or attempting to use the free Exchange Server 2019 Standard Edition trial key ( H7M39-... ). If using Exchange 2019 RTM or CU1–CU11, download
If the issue persists after trying the above, open a support case with Microsoft Volume Licensing Support. Please enter a valid product key
Run the following command in as Administrator:
Set-ExchangeServer -Identity "SERVERNAME" -ProductKey "XXXXX-XXXXX-XXXXX-XXXXX-XXXXX" Then restart the Exchange services or reboot.