  We study the Matrix theory from a purely canonical viewpoint. In particular,
we identify free particle asymptotic states of the model corresponding to the
11D supergraviton multiplet along with the split of the matrix model
Hamiltonian into a free and an interacting part. Elementary quantum mechanical
perturbation theory then yields an effective potential for these particles as
an expansion in their inverse separation. We discuss how our scheme can be used
to compute the Matrix theory result for the 11D supergraviton S matrix and
briefly comment on non-eikonal and longitudinal momentum exchange processes.
