No, it primarily is used to mean having a large mass.
massive
http://www.merriam-webster.com/dictionary/massive
mas·sive adjective \’ma-siv\
1 : forming or consisting of a large mass:
b : weighty, heavy
c : impressively large or ponderous
d : having no regular form but not necessarily lacking crystalline structure
2
a : large, solid, or heavy in structure
b : large in scope or degree
c (1) : large in comparison to what is typical
(2) : being extensive and severe
(3) : imposing in excellence or grandeur
3: having mass
— mas·sive·ly adverb
— mas·sive·ness noun
So what’s the ive for, then?