Is it possible to upgrade my license from standard to pro or do I have to buy a new license which will cost $4K?

Hi LLars,

Yes, Cyclone V doesn't support under Quartus Pro.

Which IP are you using?

There is no additional licenses are required for 'Intel FPGA SDK for OpenCL' for both Quartus Prime Pro/Standard Edition.

Check the link I have attached above in Page 2.

Thank you.