We present a way in which the Lorentz invariant canonical partition fu
nction for Matrix theory as a light-cone formulation of M-theory can b
e computed. We explicitly show how, when the eleventh dimension is dec
ompactified, the N = 1 eleven-dimensional SUGRA partition function app
ears. We also provide a high temperature expansion which captures some
structure of the canonical partition function when interactions among
st D-particles are turned on. The connection with the semi-classical c
omputations thermalizing the open superstrings attached to a D-particl
e is also clarified through a Born-Oppenheimer approximation. Some ide
as about how Matrix theory would describe the complementary degrees of
freedom of the massless content of eleven-dimensional SUGRA are discu
ssed. Comments on possible connections to black hole physics are also
made, (C) 1998 Elsevier Science B.V.