Depends on the purpose of the cardboard. If you want to make it water tight you would be better using another method, some type of polymer. If you are mass producing this, it shouldn't be hard to google a manufacturing process. Other wise, look into spray on waxes. The solvent will evaporate away leaving you with a good water resistant material. Just be careful, waxed boxes go up in flames like a bonfire.
Drew
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Urethane coating can be water based, but water resistant when dried. No point of introducing solvents if not needed. These can be applied with a number of techniques.
If this is for home use, then you can dip a few. Another method is to thin varnish until it is very fluid, then dip, allow to drain and then let them air dry.
I used to use this trick on cardboard fold-up bin boxes. I folded them up, dipped and dried them. It made them as strong as the plastic ones and a lot cheaper.
What is the reason you want them wax coated? food storage? water proofing?