"Licenses are valid for an entire major release "series". In other words, a license entitles you to all updates until the next series release. That current series is Spark Aurelius (initially released February 2018) and includes Spark 6.0+. New series are released roughly once every two years. Many minor updates are made throughout a series release and all of those updates are free to existing customers. Each license may only be used on a single site unless it is an "unlimited" license."
-- https://spark.laravel.com/licenses
However, upgrading from an old license (v5 in my case) is only $49 (vs $99):
"This will upgrade your license to the latest version of Spark, granting you access to its source code. License upgrades are offered at a 50% discount to existing Spark customers."