As Facebook continues to consume more and more Internet space, it could face some type of regulatory action, said a senior research analyst Thursday.

"Regulators love to take advantage of a company that has had success, and Facebook is going to continue to have success," Piper Jaffray analyst Gene Munster told CNBC's "Power Lunch." "You have to filter and price that in as an investor that eventually that's going to happen."

Munster said it would be hard to predict when an antitrust issue could develop, although he does anticipate it will be within the next few years. The many issues surrounding privacy on the social media site could be why regulators target it, he added.

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"I think there is going to be some noise around it," he said. "Whatever hits Facebook is going to hit the broader Internet, so this is more than just Facebook."

The company is currently in the second day of its annual developer conference, and the stock hit an all-time high earlier this week on Tuesday. Munster is particularly interested in how Facebook can monetize its Oculus VR business, which it acquired in March 2014.

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"The real killer application for this whole virtual reality is live events, live sports," he said.

Although Munster said Facebook is still a few years out from profiting from the virtual reality platform, it could eventually drive the stock.

Disclosure: Gene Munster does not personally own Facebook shares. Facebook is, however, an investment banking client of Piper Jaffray.