Yup. Nvidia could have released the Titan in fall 2012 if they had wanted to. Perhaps the GPU would have cost a tad more to make, but it's not like Nvidia's margins with Titan are low at $999 MSRP...
What prompted Titans release in February 2013 was - at least in part - AMDs million dollar deal with EA regarding Crysis 3. NV wanted something to counter that, and so they released Titan.