This paper proposes a megawatt (MW)-scale high-voltage (HV) electrical power-conversion element for large-spacecraft electric propulsion (EP) systems. The proposed scheme is intended for long-term and crewed missions, and it is driven by a nuclear electric propulsion (NEP) that acts as a heat source. The scheme includes (i) A two-rotor generator (TRG), (ii) A rectification stage, and (iii) An isolated dual output DC-DC (iDC2) converter. The TRG is a high-reliability electric machine with two rotors, a permanent magnet rotor (PMR), and a wound field rotor (WFR). The PMR has a fixed flux and hence back-EMF, while the back-EMF due to the WFR is controlled by injecting a direct current (DC) into the WFR winding. The total TRG output voltage, which is the sum of voltages due to the PMR and WFR, is controlled over a prescribed region of spacecraft operation. The output of the TRG is rectified and connected to the input of the iDC2 converter. The iDC2 converter uses a three-winding transformer, where the primary winding is fed from the rectified output of TRG, the secondary winding processes the propulsion power to an electric thruster via a high-voltage DC (HVDC) link and a tertiary winding that is connected to the spacecraft’s low-voltage DC (LVDC) power system. Three controllers are proposed for the system: an HVDC voltage controller, an HVDC current controller that controls the voltage and current processed to the thruster, and an LVDC controller that adjusts the current to the LVDC system. Detailed analytical models for the TRG, iDC2 converter, and controllers are developed and verified via simulations under different conditions. The analytical studies are further validated via results from a laboratory prototype.