This paper designed a 2.1 kW 3 MHz capacitive power transfer (CPT) system with a sleeve-type coupler for rotary applications. A new M1-SS CPT topology is proposed with a compact receiver circuit. On the receiver side, only a small series compensation inductor is used while a mutual inductive coupling link is used on the transmitter side to improve the power transfer capability and achieve load-independent constant-voltage (CV) output. To verify the proposed design, a 3 MHz CPT prototype is implemented. With a wide load range, the maximum output power achieves 2.122 kW. Meantime, the experimental results also validate the load-independent CV output and the zero-phase-angle (ZPA) property. When the output power is within 1.54 kW, the measured dc-ac efficiency achieves above 92%, and the maximum efficiency of 93.19% is achieved at 755W output.