A move like that would push Tesla's market capitalization, now $567 billion, to over $2 trillion. Only one other US-listed company - Apple - has passed that number.
The Loup Ventures cofounder said Tesla would evolve over the next few years to become more than just a car company.
"They're really going to take their tech that they're defining and pioneering with auto and applying it to new markets," he said.
"Elon has recently said that there's 30% to 40% of the value of the car could be in insurance," Munster said. "What that means is that they can start offering their own insurance and improve margins. That's high-margin revenue. Not to mention everything they're doing around over-the-air updates with autonomy and what they can even do around HVAC."
Munster also pointed to flying taxis as another frontier Tesla could expand to that could propel its stock price. "I would not invest in Tesla based on that, but the concept that this company is going to continue to evolve and be a tech leader in the next decade, I'm on board with that," he said.
Munster added that the "ship has sailed" for traditional auto companies to compete with Tesla. He said Volkswagen and General Motors were in the best positions "to even remotely compete" with the electric-vehicle maker.