Two loops in eleven dimensions

The two-loop Feynman diagram contribution to the four-graviton amplitude of eleven-dimensional supergravity compactified on a two-torus, T^2, is analyzed in detail. The Schwinger parameter integrations are re-expressed as integration over the moduli space of a second torus, \hat T^2, which enables the leading low-momentum contribution to be evaluated in terms of maps of \hat T^2 into T^2. The ultraviolet divergences associated with boundaries of moduli space are regularized in a manner that is consistent with the expected duality symmetries of string theory. This leads to an exact expression for terms of order contraction of four Weyl tensors), thereby extending earlier results for the R^4 term that were based on the one-loop eleven-dimensional amplitude. Precise agreement is found with terms in type IIA and IIB superstring theory that arise from the low energy expansion of the tree-level and one-loop string amplitudes and predictions are made for the coefficients of certain two-loop string theory terms as well as for an infinite set of D-instanton contributions. The contribution at the next order in the derivative expansion, \partial^6 R^4, is problematic, which may indicate that it mixes with higher-loop effects in eleven-dimensional supergravity.