If that employer also has a contract requiring TS clearance AND they can somehow justify putting you in for it, they could do that. However there is more scrutiny given to such situations these days and it seems to vary from customer to customer, even from contract to contract.
If the company has a sizable amount of work requiring TS and can reasonably expect to be continuing to get work, then it might be possible. I know at my employer that’s how they justify continuing to put folks in for TS clearances, especially for periodic reinvestigation of an existing TS. But every once in a while the word comes down to do a “scrub” and some people get administratively downgraded to Secret.