diff --git a/server/polar/license_key/service.py b/server/polar/license_key/service.py
index bb4e8deb49..107cc5008a 100644
--- a/server/polar/license_key/service.py
+++ b/server/polar/license_key/service.py
@@ -2,7 +2,7 @@
 from uuid import UUID
 
 import structlog
-from sqlalchemy import Select, and_, func, select
+from sqlalchemy import Select, func, select
 from sqlalchemy.orm import contains_eager, joinedload
 
 from polar.auth.models import AuthSubject, is_customer, is_organization, is_user
@@ -71,19 +71,9 @@ async def get_loaded(
     ) -> LicenseKey | None:
         query = (
             self._get_select_base()
-            .join(
-                LicenseKeyActivation,
-                onclause=(
-                    and_(
-                        LicenseKeyActivation.license_key_id == LicenseKey.id,
-                        LicenseKeyActivation.deleted_at.is_(None),
-                    )
-                ),
-                isouter=True,
-            )
             .join(Benefit, onclause=LicenseKey.benefit_id == Benefit.id)
             .options(
-                contains_eager(LicenseKey.activations),
+                joinedload(LicenseKey.activations),
                 contains_eager(LicenseKey.benefit),
             )
             .where(LicenseKey.id == id)
diff --git a/server/polar/models/license_key.py b/server/polar/models/license_key.py
index 9a65b57ee2..255dddafd9 100644
--- a/server/polar/models/license_key.py
+++ b/server/polar/models/license_key.py
@@ -74,11 +74,26 @@ def benefit(cls) -> Mapped[BenefitLicenseKeys]:
     limit_activations: Mapped[int | None] = mapped_column(Integer, nullable=True)
 
     @declared_attr
-    def activations(cls) -> Mapped[list["LicenseKeyActivation"]]:
+    def all_activations(cls) -> Mapped[list["LicenseKeyActivation"]]:
         return relationship(
             "LicenseKeyActivation", lazy="raise", back_populates="license_key"
         )
 
+    @declared_attr
+    def activations(cls) -> Mapped[list["LicenseKeyActivation"]]:
+        # Prices are almost always needed, so eager loading makes sense
+        return relationship(
+            "LicenseKeyActivation",
+            lazy="raise",
+            primaryjoin=(
+                "and_("
+                "LicenseKeyActivation.license_key_id == LicenseKey.id, "
+                "LicenseKeyActivation.deleted_at.is_(None)"
+                ")"
+            ),
+            viewonly=True,
+        )
+
     usage: Mapped[int] = mapped_column(Integer, nullable=False, default=0)
 
     limit_usage: Mapped[int | None] = mapped_column(Integer, nullable=True)