Self-assembled growth of quantum dots by molecular-beam epitaxy is used to form the active region of a vertical-cavity surface-emitting laser (VCSEL). Ten layers of InGaAs quantum dots are stacked in order to increase the gain. This quantum-dot VCSEL has a continuous-wave operating current of 32 mA at room temperature. Emission spectra at various current injections demonstrate that the lasing action is associated with a higher-order transition in the quantum dots.