I pasted your code into a file tco.fs. I added an applyRule function to make it compilable.
tco.fs
let applyRule rule exp =
Some ""
let rec applyAll rules expr =
rules
|> List.fold (fun state rule ->
match state with
| Some e ->
match applyRule rule e with
| Some newE -> Some newE
| None -> Some e
| None -> applyRule rule expr) None
|> Option.bind (applyAll rules)
Then I made a batch file to analyze the IL.
compile_and_dasm.bat
SET ILDASM="C:\Program Files (x86)\Microsoft SDKs\Windows\v10.0A\bin\NETFX 4.6 Tools\ildasm.exe"
Fsc tco.fs
%ILDASM% /out=tco.il /NOBAR /tok tco.exe
As an output we find the tco.il containing the IL. The relevant function is here.
.method /*06000002*/ public static class [FSharp.Core/*23000002*/]Microsoft.FSharp.Core.FSharpOption`1/*01000003*/<!!b>
applyAll<a,b>(class [FSharp.Core/*23000002*/]Microsoft.FSharp.Collections.FSharpList`1/*01000008*/<!!a> rules,
string expr) cil managed
{
.custom /*0C000003:0A000003*/ instance void [FSharp.Core/*23000002*/]Microsoft.FSharp.Core.CompilationArgumentCountsAttribute/*01000007*/::.ctor(int32[]) /* 0A000003 */ = ( 01 00 02 00 00 00 01 00 00 00 01 00 00 00 00 00 )
// Code size 26 (0x1a)
.maxstack 8
IL_0000: ldarg.0
IL_0001: newobj instance void class Tco/*02000002*//applyAll@13/*02000003*/<!!b,!!a>/*1B000004*/::.ctor(class [FSharp.Core/*23000002*/]Microsoft.FSharp.Collections.FSharpList`1/*01000008*/<!1>) /* 0A000004 */
IL_0006: newobj instance void class Tco/*02000002*//'applyAll@6-1'/*02000004*/<!!a>/*1B000005*/::.ctor() /* 0A000005 */
IL_000b: ldnull
IL_000c: ldarg.0
IL_000d: call !!1 [FSharp.Core/*23000002*/]Microsoft.FSharp.Collections.ListModule/*01000009*/::Fold<!!0,class [FSharp.Core/*23000002*/]Microsoft.FSharp.Core.FSharpOption`1/*01000003*/<string>>(class [FSharp.Core/*23000002*/]Microsoft.FSharp.Core.FSharpFunc`2/*01000002*/<!!1,class [FSharp.Core/*23000002*/]Microsoft.FSharp.Core.FSharpFunc`2/*01000002*/<!!0,!!1>>,
!!1,
class [FSharp.Core/*23000002*/]Microsoft.FSharp.Collections.FSharpList`1/*01000008*/<!!0>) /* 2B000001 */
IL_0012: tail.
IL_0014: call class [FSharp.Core/*23000002*/]Microsoft.FSharp.Core.FSharpOption`1/*01000003*/<!!1> [FSharp.Core/*23000002*/]Microsoft.FSharp.Core.OptionModule/*0100000A*/::Bind<string,!!1>(class [FSharp.Core/*23000002*/]Microsoft.FSharp.Core.FSharpFunc`2/*01000002*/<!!0,class [FSharp.Core/*23000002*/]Microsoft.FSharp.Core.FSharpOption`1/*01000003*/<!!1>>,
class [FSharp.Core/*23000002*/]Microsoft.FSharp.Core.FSharpOption`1/*01000003*/<!!0>) /* 2B000002 */
IL_0019: ret
} // end of method Tco::applyAll
We see here that the tail opcode is generated. This is a hint from the IL compiler to the JIT compiler (which actually generates the executable machine code), that a tail call should be possible here.
Whether the tail call is actually executed as such is up to the JIT compiler, as can be read here.