A vertical-cavity surface-emitting laser (VCSEL) is provided that includes a mesa structure disposed on a substrate. The mesa structure defines an emission axis of the VCSEL. The mesa structure includes a first reflector, a second reflector, and a cascaded active region structure disposed between the first reflector and the second reflector. The cascaded active region structure includes a plurality of cascaded active region layers disposed along the emission axis, where each of the cascade active region layers includes an active region having multi-quantum well and/or dots layers (MQLs), a tunnel junction aligned with the emission axis, and an oxide confinement layer. The oxide confinement layer is disposed between the tunnel junction and MQLs, and has an electrical current aperture defined therein. The mesa structure defines an optical window through which the VCSEL is configured to emit light.