Yes, to a bit under 2 bar.
You can calculate the pressure as follows, I think: (warning, sums coming up)
Volume of a 29 x 2″ tyre = 4.5 litres
(imagine unrolling the tyre into a cylinder, it would be 28x(pi) inches long, one inch radius.)
Volume of cylinder = length x (radius^2 x pi)
= 276 cu in
Convert to metric:
276 *(2.54^3) = 4528 cubic cm.
Molecular weight of CO2 = 44 (12+ 2 x 16) so 1 mole of CO2 has a mass of 44 g.
Therefore 16 g of CO2 = 16/44 = 0.36 moles of CO2
One mole of a gas occupies 22.4 litres at room temp, so 16 g gives:
22.4 x 0.36 = 8 litres
Put 8 litres of gas into a volume of 4.5 litres and the pressure goes up like this:
P (in bar) = 8/4.5 = 1.78 = 26 psi
I’ve tried it in a race and it felt about right.
A 25 g can will give you 26 x (25/16) = 40 psi
In a 2.25″ tyre you’ll get a bit less pressure, say 20 psi from 16 g, 32 psi from 25 g.