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III–V/Si multi‐junction solar cells are potential successors to the silicon single‐junction cell due to their efficiency potential of up to 40% in the radiative limit.[1] Herein, latest results of epitaxially integrated GaInP/GaAs/Si triple‐junction cells are presented. To reduce parasitic absorption losses, which have limited the current density in the Si bottom cell in the previous devices, transparent AlxGa1–xAsyP1–y step‐graded metamorphic buffers are investigated. Compared with previous GaAsyP1–y step‐graded buffers, the transmittance is enhanced significantly, while no significant impact on the threading dislocation density is observed. Implemented into a new triple‐junction solar cell, an increase in short‐circuit current density from 10.0 to 12.2 mA cm−2 is achieved, leading to a new record conversion efficiency of 25.9% under AM1.5g conditions. [ABSTRACT FROM AUTHOR]