diff --git a/packages/commonjs/src/resolve-require-sources.js b/packages/commonjs/src/resolve-require-sources.js
index db1603dd5..5f7fe0726 100644
--- a/packages/commonjs/src/resolve-require-sources.js
+++ b/packages/commonjs/src/resolve-require-sources.js
@@ -196,16 +196,21 @@ export function getRequireResolver(extensions, detectCyclesAndConditional, curre
           // Special-case external Node built-ins to be handled via a lazy __require
           // helper instead of hoisted ESM imports when strict wrapping is used.
           const isExternalWrapped = isWrappedId(dependencyId, EXTERNAL_SUFFIX);
-          if (
-            parentMeta.initialCommonJSType === IS_WRAPPED_COMMONJS &&
-            !allowProxy &&
-            isExternalWrapped
-          ) {
+          let resolvedDependencyId = dependencyId;
+          if (parentMeta.isCommonJS === IS_WRAPPED_COMMONJS && !allowProxy && isExternalWrapped) {
             const actualExternalId = unwrapId(dependencyId, EXTERNAL_SUFFIX);
             if (actualExternalId.startsWith('node:')) {
               isCommonJS = IS_WRAPPED_COMMONJS;
               parentMeta.isRequiredCommonJS[dependencyId] = isCommonJS;
             }
+          } else if (isExternalWrapped && !allowProxy) {
+            // If the parent is not wrapped but the dependency is a node: builtin external,
+            // unwrap the EXTERNAL_SUFFIX so it's treated as a normal external.
+            // This avoids trying to load the lazy __require proxy for non-wrapped contexts.
+            const actualExternalId = unwrapId(dependencyId, EXTERNAL_SUFFIX);
+            if (actualExternalId.startsWith('node:')) {
+              resolvedDependencyId = actualExternalId;
+            }
           }
           const isWrappedCommonJS = isCommonJS === IS_WRAPPED_COMMONJS;
           fullyAnalyzedModules[dependencyId] = true;
@@ -226,8 +231,8 @@ export function getRequireResolver(extensions, detectCyclesAndConditional, curre
             wrappedModuleSideEffects,
             source: sources[index].source,
             id: allowProxy
-              ? wrapId(dependencyId, isWrappedCommonJS ? WRAPPED_SUFFIX : PROXY_SUFFIX)
-              : dependencyId,
+              ? wrapId(resolvedDependencyId, isWrappedCommonJS ? WRAPPED_SUFFIX : PROXY_SUFFIX)
+              : resolvedDependencyId,
             isCommonJS
           };
         });
diff --git a/packages/commonjs/test/fixtures/function/strict-requires-auto-external-node-builtin/_config.js b/packages/commonjs/test/fixtures/function/strict-requires-auto-external-node-builtin/_config.js
new file mode 100644
index 000000000..6001fc98a
--- /dev/null
+++ b/packages/commonjs/test/fixtures/function/strict-requires-auto-external-node-builtin/_config.js
@@ -0,0 +1,13 @@
+module.exports = {
+  description: 'handles node: builtins correctly with strictRequires: auto',
+  pluginOptions: {
+    strictRequires: 'auto'
+  },
+  exports: (exports, t) => {
+    // Should be able to access properties of node:stream
+    t.truthy(exports.Readable);
+    t.is(typeof exports.Readable, 'function');
+    // Should be able to instantiate
+    t.truthy(exports.readable);
+  }
+};
diff --git a/packages/commonjs/test/fixtures/function/strict-requires-auto-external-node-builtin/main.js b/packages/commonjs/test/fixtures/function/strict-requires-auto-external-node-builtin/main.js
new file mode 100644
index 000000000..d69942f74
--- /dev/null
+++ b/packages/commonjs/test/fixtures/function/strict-requires-auto-external-node-builtin/main.js
@@ -0,0 +1,4 @@
+const stream = require('node:stream');
+const readable = new stream.Readable({});
+
+module.exports = { Readable: stream.Readable, readable };
diff --git a/packages/commonjs/test/snapshots/function.js.md b/packages/commonjs/test/snapshots/function.js.md
index d42cefb65..324a7f2ca 100644
--- a/packages/commonjs/test/snapshots/function.js.md
+++ b/packages/commonjs/test/snapshots/function.js.md
@@ -8715,6 +8715,34 @@ Generated by [AVA](https://avajs.dev).
       `,
     }
 
+## strict-requires-auto-external-node-builtin
+
+> Snapshot 1
+
+    {
+      'main.js': `'use strict';␊
+      ␊
+      var require$$0 = require('node:stream');␊
+      ␊
+      function _interopDefaultCompat (e) { return e && typeof e === 'object' && 'default' in e ? e : { default: e }; }␊
+      ␊
+      var require$$0__default = /*#__PURE__*/_interopDefaultCompat(require$$0);␊
+      ␊
+      function getDefaultExportFromCjs (x) {␊
+      	return x && x.__esModule && Object.prototype.hasOwnProperty.call(x, 'default') ? x['default'] : x;␊
+      }␊
+      ␊
+      const stream = require$$0__default.default;␊
+      const readable = new stream.Readable({});␊
+      ␊
+      var main = { Readable: stream.Readable, readable };␊
+      ␊
+      var main$1 = /*@__PURE__*/getDefaultExportFromCjs(main);␊
+      ␊
+      module.exports = main$1;␊
+      `,
+    }
+
 ## strict-requires-circular
 
 > Snapshot 1
diff --git a/packages/commonjs/test/snapshots/function.js.snap b/packages/commonjs/test/snapshots/function.js.snap
index 591ed4029..3d1906593 100644
Binary files a/packages/commonjs/test/snapshots/function.js.snap and b/packages/commonjs/test/snapshots/function.js.snap differ