  We investigate whether DLCQ of M-theory can be defined as a limit of M-theory
compactified on an almost light-like circle. This is of particular interest
since the proofs of the matrix description of M-theory by Seiberg and Sen rely
on this assumption. By the standard relation between M-theory on $S^1$ and IIA
string theory, we translate this question into the corresponding one about the
existence of the light-like limit of IIA superstring theory for any string
coupling $g_s$. We argue that perturbative string loop amplitudes should have a
finite and well-defined light-like limit provided the external momenta are
chosen to correspond to a well-defined DLCQ set-up. On the non-perturbative
side we consider states and amplitudes. We show that an appropriate class of
non-perturbative states (wrapped D-branes) precisely have the right light-like
limit. We give some indications that non-perturbative corrections to string
amplitudes, too, may behave as required in the light-like limit. Having
perturbative and non-perturbative evidence, this suggests that type IIA
superstring theory as a whole has a well-defined light-like limit (for any
string coupling $g_s$) and hence that the same is true for M-theory.
