Right now it seems like it's Axiom or bust, with their suits. The suits have missed a lot of milestones, and there's not much point in going to the Moon without suits. Latest NASA OIG report put them somewhere in the 2030s at best...
Also the ISS suits themselves are being replaced, by Axiom, because they are failing in near-fatal ways periodically.
And if you're wondering why they might use water for this well... water will be abundant and basically every habitat will have a municipal water hookup. A moon base might quickly find itself with several hectares of water and no where to put it. Might even end up injecting it into the ground where the water will be able to maintain it's liquid state (moon crust quickly reaches room temperature only a few dozens of meters underground).