Yes, a titanium Rolex does exists, albeit only a prototype
I am the proud father of a son who is a qualified Ocean Yacht Master. Emotionally (if not academically) my wife and I went through every stage with him from the obscurity of celestial navigation to his final exam where he captained a fully crewed yacht from Cowes to the Azores and back again. The experience left me with huge appreciation of sailing, and I am an avid follower of the America’s Cup. The craft and crews are simply phenomenal, at the peak of their ability.
In the 2021 race Ben Ainslie, captain of Team Ineos, was spotted wearing a striking watch which has spawned many features online. It was a one-off Rolex Yacht-Master 42, made from Anthracite Titanium. It will never be commercially available and there are very few close-up images of it.
Throughout years of travels to far flung places my chosen partner has been a Rolex Explorer II 16570 and the thought of having this model in Titanium would absolutely be my dream watch. I own a few Titanium watches, my favourite being an Omega Seamaster, and I get genuinely excited imaging my Rolex in that material. The lack of weight, matched by the greater strength of the watch, would be such an asset to this hypothetical model. Titanium really marks but I believe owners would embrace this and, in my mind, I can already see the scratches all over my fictional Rolex case and bracelet from adventures past and future.
A gunmetal coloured Titanium Rolex Explorer II will always be my dream watch and I hope one day Rolex develops it. Until them it will just have to live in my overactive imagination.