When I was fitting my R1 shock, I first fitted the shock without the spring. I was then able to push the wheel to the maximum height before the shock stroke ended and it was nowhere near contacting the underside of the rear mudguard.
I don't know how much further the shock moves against the bump stop when it hits a big bump so I guess it is possible what hyperpro say.
I have done over 40 k miles with it, including some ridiculously severe big-rock trails in the atlas mountains, and I am not "aware" of having the wheel hit the mudguard.
Has anyone got the facilities to fully compress the shock and measure it?