Shares of Intuitive Machines (LUNR -23.55%) are falling on Monday. The company's stock plunged 23.3% as of 1:20 p.m. ET today and was down as much as 23.7% earlier in the day. The steep decline comes amid broader market weakness, with the S&P 500 down 2% and the Nasdaq Composite down 4%.

The Houston-based lunar technology company confirmed the failure of its second moon mission, dealing a major blow to investor confidence.

A lunar lander failure

Intuitive Machines announced that its robotic Athena spacecraft, which landed on the moon just a day earlier, has died. The lander, which tipped onto its side after touching down on the lunar surface, lost power after being unable to face its solar panels toward the sun.

The mission was also off course; Athena touched down roughly 150 miles from its target.

Twice-tipped

This marks the second lunar lander from Intuitive Machines to tip over, after its first spacecraft, Odysseus, suffered the same fate last year. Despite the consecutive failures, CEO Steve Altemus remained upbeat, saying, "Any time that you ship a spacecraft to Florida for flight and end up a week later operating on the moon, I declare that a success."

His partners may be less impressed. Athena was carrying payloads for NASA and commercial customers, including three rovers, a rocket-powered drone, and a drill meant to search for water ice in the lunar soil.

Intuitive is not alone

Of the four missions NASA has green-lighted for a commercial contractor to land on the moon, only one has been a total success. It is relatively early days for the program, and Intuitive was still able to touch down twice, even if the missions were ultimately unsuccessful.

Intuitive can be an interesting pick for investors with a high risk tolerance, but for those looking for a safer bet, I would look elsewhere.