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We report InGaP-based multistacked InGaAs quantum dot (QD) solar cells with GaAs spacer layers. We obtain a highly stacked and well-aligned InGaAs QD structure with GaAs spacer layers in an InGaP matrix grown by solid-source molecular beam epitaxy. The photoluminescence intensity of the InGaAs QDs in the InGaP matrix increases as the number of QD layers increases, which indicates the growth of a high-quality InGaP-based multistacked InGaAs QD structure. The short-circuit current density and the conversion efficiency of the InGaP-based QD solar cells increase as the number of InGaAs QD layers increases.