The previously proposed cascaded inverse fast Fourier transform/fast Fourier transform (IFFT/FFT)-based point-to-multipoint (P2MP) flexible optical transceivers have the potential to equip future intensity modulation and direct detection (IMDD) optical access networks with excellent flexibility, adaptability, scalability and upgradability. However, due to their cascaded IFFT-based multi-channel aggregations, P2MP flexible transceivers suffer high peak-to-average power ratios (PAPRs). To address the technical challenge, this paper proposes a novel P2MP flexible optical transceiver, which uses a cascaded discrete Fourier transformation-spread (DFT-Spread) IFFT/FFT-based multi-channel aggregation/de-aggregation and standard signal clipping to jointly reduce its PAPRs. The upstream performances of the proposed transceivers are numerically explored in a 20 km IMDD upstream passive optical network (PON). The results indicate that the proposed transceiver’s PAPRs are mainly dominated by the size of the last IFFT operation of the multi-channel aggregation, and are almost independent of modulation format and channel count. Compared to conventional cascaded IFFT/FFT-based P2MP transceivers with and without clipping operations, the proposed DFT-Spread P2MP transceivers can reduce PAPRs by 2.6 dB and 3.5 dB, respectively, for a final IFFT operation size of 1024. More significant PAPR reductions are achievable when the last IFFT operation size is increased further. As a direct result, compared to conventional P2MP transceivers adopting clipping operations only, the proposed transceiver can improve upstream receiver sensitivities by >1.9 dB and the aggregated upstream transmission capacities by >14.1%. Such aggregated upstream transmission capacity enhancements are independent of channel count and become more pronounced for longer transmission distances.