One way or another an activation server at Microsoft has to recognize that you have a legitimate copy of W10.
Usually when you enter a product key then the machine on which you do that will send a packet of information to MS which will licence/activate the machine. The machine will stay activated unless you make major hardware changes or if you load a different version of W10...I don't mean just an update but say, loading W10 Pro on a machine which was activated with Home.
In the initial release of W10 a W8.1 or W7 SP1 licenec would activate W10 but that ended long ago.
If you have a machine which loses activation because you have made major hardware changes then you can often ( but no guarantee) phone MS and explain to them and they will give you a product key or just refresh your activation internally.