Tampa: No. It's legal to mount a stock that LOOKS like a collapsible stock, but doesn't collapse. ATF has so far never approved a "non-collapsing collapsible" stock that was made from a real collapsing stock, for commercial production.
If you were to take a telestock and pin/epoxy it one position, that meets the letter of the law, but probably wouldn't be approved by the ATF tech branch for sale as a commercial product.
The position of the stock (open, closed, halfway) isn't important, as long as the rifle is still over 26" long when it's mounted - which it always will be on an AR with a 16" barrel. A 16" barrel AR with a fully closed telestock, or fake telestock in the closed position is still 32.5" long.