Sort of. There are out-of-core learning algorithms (e.g. SGD) that work on data that doesn't entirely fit in main memory. Please see: http://scikit-learn.org/stable/auto_examples/applications/pl...

This will be addressed in the following years by the WENDELIN project (http://www.wendelin.io/) which has recently been financed (well, we're still waiting for the contracts and the money, actually) by the French government.