Currently it cannot. However we find that many millions of row use cases don't actually need those millions of rows to be in the spreadsheet - you just want to be able to process that amount of data. So connect to a SQL database from the python side of things, read in 10 million rows, aggregate them into something succinct and write that to the spreadsheet is to sort of thing we're seeing.
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I (mainly) don't want to aggregate them, I want to look at them.
Don't forget "Filter". It's very easy in a spreadsheet to take a huge number of rows and cut them down -- interactively! -- to a subset that's of interest.
Based on what I see I may want to scribble formulas in the margins.
I love love love SQL but it is not a spreadsheet. SQL is great at aggregating down a column but very awkward at aggregating across a row. My SQL prompt doesn't have scatter plots built-in. I can't arbitrarily color rows/columns/cells.