Shares of Intuitive Machines (LUNR 7.99%) fell this week. The company's stock plunged 18.9% as of 3:20 p.m. ET on Friday, and was down as much as 22.3% earlier in the week. The steep decline comes amid broader market weakness, with the S&P 500 (^GSPC 1.90%) down 2.4% and the Nasdaq Composite (^IXIC 2.37%) down 2.5%.

The Houston-based lunar technology company saw a second mission failure of a lunar landing.

Another failed mission

Intuitive Machines had launched its Athena spacecraft in conjunction with SpaceX, successfully reaching the lunar surface. However, the lander tipped on to its side and died soon after. Athena lost power after being unable to face its solar panels toward the sun. The spacecraft was also off course, touching down roughly 150 miles from its target.

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.

This is the second lunar lander from Intuitive Machines that has tipped over on the lunar surface 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."

Is Intuitive a buy?

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.

I think Intuitive is still an interesting play for risk-tolerant investors, especially those interested in space stocks. However, the company still has a lot to prove.