Using strictly Lenin's words on the subject, "state capitalism" describes certain aspects of the New Economic Policy (NEP); it encompasses the revolutionary transitory period between capitalism & communism.

"State capitalism," as represented by the NEP, is a temporary but necessary stage (that may takes years) to begin the construction of a communist society. "State capitalism," to Lenin, was an improvement to the conditions of Russia. https://www.marxists.org/archive/lenin/works/1921/oct/14.htm

The argument that "state capitalism" is a rightist deviation from socialism was already used back in 1918, & Lenin rejects it entirely. "State capitalism" would be an improvement on the situation in 1918. The "Left Communists" that are in the "bourgeois camp" are setting up this

"enemy" to be combated, but Lenin tells us it is a bunch of malarkey. In fact, Lenin goes further: "State capitalism" would be the salvation of Soviet Power! https://www.marxists.org/archive/lenin/works/1918/apr/29.htm

Furthermore, if it was in effect during the revolution, it would have made the transition to socialism easier. "State capitalism," then, is the skeleton of the socialist economy, providing the necessary centralization, accounting, & control over the economy.

Lenin even talks about this before the October Revolution in a positive way. In this pamphlet, he uses the term "state-monopoly capitalism," but clearly means "state capitalism" & references this work in his discussions on the subject. He has this to say: https://www.marxists.org/archive/lenin/works/1917/ichtci/11.htm

Lenin is clear: the enterprises of "state-monopoly capitalism" are undertaken & directed by the state. If this state is a revolutionary state, then this is a step towards socialism. The takeaway is the class character of the state.

Lenin makes this clear in his letter to Russians in North America: https://www.marxists.org/archive/lenin/works/1922/nov/14b.htm

Additionaly, "state capitalism" does not change the nature of a state. A socialist state overseeing "state capitalism" is still a socialist state. Again, what matters is class character: https://www.marxists.org/archive/lenin/works/1921/dec/30.htm