High‐power applications with low‐voltage (LV) dc loads, for example, fast charging stations for electric vehicles (EVs), are typically supplied from the medium‐voltage (MV) grid. Aiming for low volume, MVac‐LVdc solid‐state transformers (SSTs) that provide galvanic separation with medium‐frequency transformers (MFTs) are thus considered, which are conventionally realized as two‐stage systems that consist of an ac‐dc power‐factor‐correction (PFC) rectifier and an isolated dc‐dc converter. This letter extends a new single‐stage isolated bidirectional PFC rectifier concept to MV levels, resulting in an SST that performs MVac‐LVdc conversion in a single converter stage and, unlike many modular SST concepts, employs only a single MFT. The SST's primary side operates modular‐multilevel‐converter (MMC) bridge legs, whose input voltages contain large ac components, in the quasi‐two‐level mode to minimize the cell capacitors. The secondary side employs a standard LV three‐phase rectifier, and a dual‐active‐bridge‐(DAB)‐like modulation strategy allows power flow regulation and ensures sinusoidal grid currents. The concept is explained and validated using detailed circuit simulations of an exemplary 1‐MW system operating between a 10‐kV three‐phase grid and an 800‐V dc output. The component stresses are evaluated, and an efficiency of 98.1% and a power density of up to 0.6 kW/dm3 are estimated.