Yes, that would be the means of production.
In a capitalist system it is privately controlled.
In a socialist system it is communal.
We can expand on this idea and logically explain what state capitalism is.
The state is an organ of society that sets itself above society. It is responsive to the dominant class in society. When that organ that has set itself above society, the state, controls the means of production, it is not held communally. The community doesn't decide how to carry out production, it is the state that dictates how production will be carried out and how commodities will be distributed. In essence the means of production are privately owned by a dominant class, the state.