We study the null compactification of type-IIA string perturbation theory at finite temperature. We prove a theorem about Riemann surfaces establishing that the moduli spaces of infinite-momentum-frame superstring worldsheets are identical to those of branched-cover instantons in the matrix-string model conjectured to describe M theory. This means that the identification of string degrees of freedom in the matrix model proposed by Dijkgraaf, Verlinde, and Verlinde is correct and that its natural generalization produces the moduli space of Riemann surfaces at all orders in the genus expansion.