Semiconductor devices and methods of forming the same include forming a bottom source/drain structure around a fin. A multi-layer bottom spacer is formed on the bottom source/drain structure, around the fin. Each layer of the multi-layer bottom spacer has a respective vertical height above the bottom source/drain structure, with a layer of the multi-layer bottom spacer that is farthest from the fin having a greater vertical height than a layer that is closest to the fin, to address parasitic capacitance from the bottom source/drain structure.