No. The SPN uses multiple hops with onion encryption - just like Tor.
Your user/pass is never sent to the network servers, but only to the account server, which gives you blind-signed access tokens, so the servers of the network only knows that you are allowed to access, but not who you are.
Your user/pass is never sent to the network servers, but only to the account server, which gives you blind-signed access tokens, so the servers of the network only knows that you are allowed to access, but not who you are.