We compute the two-loop contributions to the free energy in the null compactification of perturbative string theory at finite temperature. The cases of bosonic, Type II and heterotic strings are all treated. The calculation exploits an explicit reductive parametrization of the moduli space of infinite-momentum frame string worldsheets in terms of branched cover instantons. Various arithmetic and physical properties of the instanton sums are described. Applications to symmetric product orbifold conformal field theories and to the matrix string theory conjecture are also briefly discussed.

We investigate some aspects of the relationship between matrix string theory and lightcone string field theory by analysing the correspondence between the two-loop thermal partition function of DLCQ strings in flat space and the integrated two-point correlator of twist fields in a symmetric product orbifold conformal field theory at one-loop order. This is carried out by deriving combinatorial expressions for generic twist field correlation functions in permutation orbifolds using the covering surface method, by deriving the one-loop modification of the twist field interaction vertex, and by relating the two-loop finite temperature DLCQ string theory to the theory of Prym varieties for genus two covers of an elliptic curve. The case of bosonic Z 2 orbifolds is worked out explicitly and precise agreement between both amplitudes is found. We use these techniques to derive explicit expressions for Z 2 orbifold spin twist field correlation functions in the Type II and heterotic string theories.