While it can be installed on three machines, it can only be used by one concurrent user at a time. This makes it easy to switch machines without worrying about "portable" installs.
In the design community, the term "KeyShot portable" often refers to rendering projects of portable consumer electronics. Popular examples include: LOOHA Portable Table (7) | Images :: Behance keyshot portable
You might find "portable" versions of KeyShot on third-party sites, but proceed with extreme caution. These are often: While it can be installed on three machines,
For those looking for free, open-source alternatives that might have different portable configurations, keyshot portable
: Using unauthorized versions can lead to permanent hardware IDs being flagged by KeyShot Support.